Over 46 Million XRP in 24 Hours, What’s Going On?

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As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored XRP‘s recent price movements and whale transactions. Today’s notable XRP transfers by whales from major exchanges to their private wallets, totaling over 46 million tokens worth around $25 million, are a significant bullish development for the coin.

Large-scale XRP investors, or “whales,” have carried out significant transactions during a recent price decline. Despite this dip, these transfers could potentially stimulate a price rise, making it an optimistic sign for XRP investors. Whale Alert, a monitoring service, has recently reported two substantial XRP transactions that occurred earlier today.

Based on the information provided, a whale moved 22 million XRP from the South Korean cryptocurrency exchange Upbit to an unidentified wallet. This transaction is approximated to be valued at around $12 million, considering the current market price of XRP. A second transfer ensued approximately four hours afterward.

Recently, a large XRP investor moved approximately 24.85 million coins from Binance to an unidentified wallet, equating to roughly $13.7 million. In total, over 46 million XRP tokens were shifted between wallets, valued at around $25 million.

A prominent feature here is that the purchases of large quantities of XRP coins represent potential acquisitions by crypto whales. These whales often obtain cryptocurrencies from exchanges and store them in their personal wallets. In this instance, these XRP investors have bought a substantial amount. Their behavior suggests they are buying during market dips, which could eventually indicate a bullish trend.

XRP price struggles amid whale movements

At present, the cost of XRP stands at $0.5473 following a 4.37% drop in value over the last 24 hours. Additionally, the coin’s 24-hour trading volume has decreased by 41.40% to reach $2.26 billion. These findings indicate that XRP experienced difficulty maintaining its previous bullish trend during the past day.

Significantly, XRP‘s price has decreased by 17.31% within the last week. This indicates that the coin encountered strong resistance at the $0.6329 mark and was unable to surpass it. The RSI for XRP stands at 58.0282, suggesting a neutral position with no present bearish influence. Additionally, recent whale purchases are expected to fuel additional buying power in the market.

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2024-07-19 15:19