30 Million XRP Withdrawal Stuns Top Crypto Exchange

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As a seasoned analyst with over two decades of experience in the financial markets under my belt, I have seen countless bull and bear runs, market crashes, and recoveries. Yet, the crypto world continues to surprise me with its unpredictability and resilience. The recent buying trend among XRP whales is a testament to this.

Large XRP investors remain unfazed by the ongoing sideways trend of Ripple‘s coin, even though market expansion has been slow and its performance lackluster over recent weeks. Despite this, these significant investors continue to express confidence in XRP, consistently purchasing during price drops.

This afternoon, Whale Alert crypto tracking service reported a significant purchase of XRP by a potential large investor. It was disclosed that a staggering 30 million coins were moved from various cryptocurrency exchanges to an unidentified wallet. With the current value of XRP, these coins are thought to be worth approximately $17.6 million.

XRP whales go bullish

This latest acquisition of XRP is part of a larger buying frenzy that’s been observed lately. There’s been a rise in outflows from exchanges for this coin, as the “buy the dip” mentality gains traction with each day. Traders of XRP are predicting a change in trend, given the optimistic vibe permeating the cryptocurrency market following the recent interest rate cut decision by the U.S. Federal Reserve.

The significant increase in XRP being released from leading cryptocurrency exchanges signals a surge in interest for this digital currency. Optimistic news and advancements concerning Ripple Labs have boosted investor confidence, prompting large-scale investors (whales) to seize the opportunity. Nevertheless, for XRP to make progress, it must first break free from its current consolidation period.

What’s happening with the XRP price?

Currently, the value of XRP stands at $0.5898, having risen by 0.28% over the past day. Despite being confined to this range, the coin has bounced back from lower prices experienced earlier in September. In the first week of September, XRP was exchanging hands for approximately $0.51. However, it has since rebounded and found a stable support at the $0.58 price point.

The task ahead for XRP is significant, as it encounters a challenging resistance at $0.61 that’s currently hindering any potential price surge. To overcome this hurdle and reach new highs, XRP should successfully transform this resistance into a support level. This transition could initiate a prolonged price increase within the upcoming weeks. However, only time will reveal whether XRP can manage to reach this significant achievement.

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2024-09-24 14:42