As a seasoned analyst with years of observing the crypto market under my belt, I find myself intrigued by the current XRP situation. The whales, those majestic creatures of the digital sea, are taking advantage of this downturn to stockpile more XRP tokens, much like how I hoard my favorite collectible coins during a garage sale.
As an analyst, I’ve observed that large XRP holders, often referred to as ‘whales’, have been capitalizing on the recent market downturn by acquiring more XRP tokens. The crypto market has experienced a significant selloff, causing a steep fall in the values of various cryptocurrencies, including XRP. This selloff led to a substantial 20% drop in XRP’s price within a single day, with the token reaching a bottom at $0.438.
In contrast to this sharp drop, evidence from on-chain transaction data suggests that significant investors, commonly known as ‘whales,’ are unfazed. Instead, they’re taking advantage of reduced prices by buying more XRP across different platforms, effectively stockpiling it.
Whales Buy Millions Of XRP
According to the latest data from Whale Alerts’ whale transaction tracker, there’s a peculiar trend in XRP holdings. Over the last 2 days, Whale Alerts has spotted several large-scale XRP transfers between various exchanges and private wallets. Notably, many of these transactions involve transferring large quantities of XRP from crypto exchanges into anonymous wallets.
In the last update, a significant transaction involving 26.69 million XRP tokens valued at around $13.6 million was made from Binance to a personal wallet labeled as “rhWj9g.” This transfer is part of a larger pattern noticed by Whale Alerts, indicating that about 157 million XRP tokens, equivalent to roughly $75.16 million, were shifted from various cryptocurrency exchanges into private wallets within the last 24 hours. Notably, the majority of these transfers appear to have originated from Binance.
It’s worth noting that the data suggests a possible selloff, as approximately 31.7 million XRP tokens, equating to $15.1 million, were transferred from a private wallet to Bitstamp. This action is contrary to the broader trend of hoarding, hinting that not every ‘whale’ is stockpiling these tokens.
Over the last two days, an analysis of Whale Alerts data has shown that approximately 228.54 million XRP tokens, equivalent to around $108.78 million, have been transferred from cryptocurrency exchanges to individual wallets.
Quick Rebound For Price?
Building up their stocks might indicate an upcoming price surge, since substantial purchases by major investors are typically followed by market uptrends. The fact that they’re buying strategically during this price decline suggests they believe the current dip is merely a short-term issue.
Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here?
Over a span of five days, the cryptocurrency experienced a significant drop from $0.653 to $0.438, wiping out the gains it had achieved in July. This steep price decline pushed the cryptocurrency into an oversold state on the Relative Strength Index (RSI).
1. After experiencing some setbacks, XRP is showing signs of regaining ground. The RSI (Relative Strength Index) now points towards a rise in purchasing activity, hinting that investors might be returning to trade the coin again.
Currently, as I pen this down, the altcoin is being exchanged at approximately $0.5016, marking a 7.11% surge in value during the last 24 hours. This upward trend has propelled XRP back to a pivotal resistance and support level, roughly $0.5, which has been both a bottom and a top for this cryptocurrency over multiple months. This particular price has shown itself to be a substantial barrier, one that XRP has found challenging to surpass for quite some time now.
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2024-08-06 18:40