XRP Whales Are On The Move Again, But Are They Bullish Or Bearish?

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XRP might experience a brief price decline based on its current market behavior, as it has recently bounced off a resistance point at $0.5. However, deciphering the intent behind recent large-scale transactions from XRP whales remains unclear. These transactions have been a combination of buy and sell orders, but the size of each transaction could suggest they are more likely to be bearish in nature rather than bullish.

XRP Whales On The Move

In simpler terms, there’s been an increase in significant XRP transactions lately, which can suggest whale activity. Big investors, or “whales,” have been moving large quantities of XRP recently, signaling bearish sentiment among them during a price downturn for the cryptocurrency in the last week. Some of these transfers are headed to crypto exchanges possibly for selling, while others are going into private wallets from exchanges, making it hard to trace their origin or intent.

On April 16, Whale Alerts, a whale transaction tracker, announced on social media platform X (previously Twitter) large transactions. The initial significant transaction involved moving 158 million tokens valued at approximately $77 million from a private wallet to crypto exchange Binance. This substantial transfer to the exchange raised concerns for investors hoping for a shift in market trend from bearish to bullish. Likewise, there was a transfer of 28.9 million XRP equal to around $14.2 million into Bitstamp.

While Whale Alerts reported the departure of 100 million XRP from Binance to personal wallets, the value amounted to approximately $48 million. This transfer occurred in three separate transactions, each moving 33.33 million XRP, equivalent to $16.2 million.

On April 15, it’s worth noting that a significant amount of XRP tokens, equating to approximately 457 million with a total value of around $234 million, were moved to crypto exchanges Bithumb, Bitvavo, and Bitstamp. The largest transaction involved the transfer of 390 million tokens, valued at about $201 million, to Bithumb.

What’s Next For The Altcoin?

Large-scale XRP transactions by whales can significantly impact cryptocurrency markets. The value of XRP could fluctuate dramatically due to the decisions of a few major players. For small-time XRP investors, these transfers serve as a reminder of the unpredictability and risk in XRP’s current pricing. Simultaneously, their activity in crypto exchanges suggests a bearish trend for XRP, offering insight into the altcoin’s potential short-term price direction.

Presently, XRP is priced at $0.4986 during this writing. It has gained 1.79% in the last 24 hours, but there are indications of a potential reversal after reaching $0.5 once more. On the larger timeframes, XRP is experiencing a correction as it has dropped by 18% within the past week and 20% over the past month.

Based on the assessment of a cryptocurrency expert, XRP is predicted to surge significantly to reach around $22. Furthermore, several industry professionals anticipate that the value of this particular altcoin will undergo a substantial price hike following the upcoming Bitcoin halving event.

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2024-04-18 02:10