XRP Community Speculates Possible Sell-Off as Whale Withdraws Tokens from Binance
Recent data from Lookonchain has revealed a substantial withdrawal of XRP tokens from Binance, sparking speculation of a potential sell-off among the XRP community. Over 563,571 XRP tokens, worth over $462,000, were taken out from Binance in this maneuver. The intentions behind this withdrawal remain uncertain, leading to conjectures of potential liquidation.
The Binance Withdrawal - Details
- A staggering sum of over 563,571 XRP tokens, valued at over $462,000, was withdrawn from Binance.
- The exact intentions behind this withdrawal are unclear, leading to speculation of potential liquidation.
- The total amount moved by the whale is around two million XRP tokens, with an estimated value of $1.66 million.
- The average withdrawal price per token was $0.51, resulting in an unrealized profit close to $640,000 for the whale.
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XRP Keeps Riding the Bull
Despite the withdrawal, XRP remains confident, showing bullish tendencies in its daily and weekly charts. The token is currently valued at $0.8149, marking a 2.4% rise in the last day. XRP’s trajectory suggests a potential challenge to its local peak, with a possible ascent to the $0.938 range high, representing a notable 15% surge. The Relative Strength Index (RSI) stands at 77 and continues to climb, indicating the potential for further gains driven by strong buying momentum.
Possible Temporary Dip in XRP Value
However, there is a flip side to this scenario. If whales decide to go on a withdrawal purge, it could trigger a temporary dip in XRP’s value. There is a possibility of a retraction to the $0.697 range before another northbound journey.
