XRP Whales Accumulating Tokens During Price Downturn
XRP whales are taking advantage of the recent price downturn to accumulate more tokens amid intense selloffs in the wider cryptocurrency market. Despite a significant drop in the value of XRP, large holders, known as ‘whales,’ are actively seizing the opportunity to accumulate more tokens on various exchanges.
Whales Showing Increased Activity
Recent data from the whale transaction tracker Whale Alerts indicates a notable accumulation pattern among XRP holders. The past 48 hours have seen multiple large XRP transfers to and from exchanges, with a majority of tokens being moved into private wallets from these exchanges.
- Whale Alerts reported a transfer of 26.69 million XRP tokens worth $13.6 million from Binance to a private wallet ‘rhWj9g.’
- Approximately 157 million XRP tokens, valued at around $75.16 million, have been moved from exchanges to private wallets in the last 24 hours. Most of these transfers originated from Binance.
- However, there was also a significant selloff transaction involving 31.7 million XRP tokens worth $15.1 million, transferred to Bitstamp from a private wallet.
Potential Price Rebound on the Horizon
The increased accumulation by whales could potentially signal a future price recovery for XRP. Typically, significant buy-ins from large holders tend to lead to market upswings. Despite the recent price slump, this strategic buying shows confidence that the current downturn is only temporary.
- Following a price drop from $0.653 to $0.438 in just five days, XRP entered the oversold region on the Relative Strength Index (RSI).
- However, the cryptocurrency has since shown signs of recovery, with the RSI reflecting increased buying momentum and investors starting to re-enter the market.
- Currently trading at $0.5016, XRP has seen a 7.11% increase over the past 24 hours, bringing it back to a crucial multi-month resistance and support level around $0.5.
Hot Take: XRP Whales’ Accumulation Strategy Signals Potential Price Recovery âš¡
XRP whales have been actively accumulating tokens during the recent price downturn, indicating confidence in a potential future price rebound. As significant buy-ins from large holders often lead to market upswings, the current accumulation pattern suggests that the current dip in price may be short-lived. With XRP reclaiming key support levels and showing signs of recovery, investors are closely watching for a potential price surge in the near future. Stay alert for further developments as XRP whales continue to navigate the market landscape.
Sources:
– https://x.com/whale_alert/status/1820736681659490385
– https://x.com/whale_alert/status/1820539419276808633
– https://bitcoinist.com/xrp-bearish-pressure-eyes-0-4663/
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