252 Million XRP in Epic Whale Activity, Is It Enough?

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless cycles of bull and bear runs, and the current state of XRP is reminiscent of the quiet before the storm. The whales’ recent moves suggest a brewing storm of potential price increases, and as we all know, it’s always prudent to keep an eye on the movements of these market behemoths.

XRP’s price continues to trend horizontally, yet some large investors (whales) have begun bucking trends with significant price fluctuations. The overall crypto market has slightly rebounded following the U.S. Federal Reserve’s recent interest rate decreases. Optimism among traders remains strong, with further gains expected in the future. In light of this, XRP whales are attempting to drive prices towards new highs.

Based on information from CryptoQuant, approximately 252 million XRP were taken off cryptocurrency exchanges on September 23rd. With the current value of XRP being around $147 million, this represents a substantial increase in outflows from exchanges for this coin, indicating a significant accumulation trend among large investors (whales).

Generally speaking, whales (large investors) tend to purchase XRP tokens on well-known cryptocurrency exchanges and subsequently transfer those assets into their personal wallets. These long-term investors are recognized for keeping their coins rather than selling them immediately, preferring instead to store them in private crypto wallets. By retaining these digital assets without any immediate intention of selling, such exchange withdrawals can have lasting beneficial effects.

What does it mean for XRP price?

Investor confidence from large whale holders could potentially boost XRP‘s price trend. For XRP to reach new highs, it needs this belief from significant investors. As of now, the Ripple Labs-linked coin is being traded at $0.5869, having dropped by 1.12% in the last day. Over the same period, trading volume has decreased by 15%, currently standing at approximately $965 million.

While the sideways movement is persisting, the rising buying activity can positively impact the price in the near future. XRP is currently facing strong resistance from the $0.61 price level. It has to break through this range in order to establish a more sustained upward trend. With whales going bullish, XRP may trigger this potential rally in the coming weeks.

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2024-09-23 16:17