XRP Whales Are On The Move Again, But Are They Bullish Or Bearish?
April 17 2024 - 7:00PM
NEWSBTC
XRP could continue a price correction in the short term as recent
price action has put it rebounding against a resistance level of
$0.5. On-chain data has also revealed a row of transactions from
whales of the cryptocurrency in the past 24 hours, but are they
bullish or bearish on XRP? These large transactions have been a mix
of both, although the trading volume of each transaction could
point to them being bearish rather than bullish. XRP Whales
On The Move Large XRP transactions, often indicators of whale
activity, have spiked recently. XRP has seen some major whale
movements over the past few weeks that point to a bearish sentiment
among big players amidst a price correction for the cryptocurrency
in the past seven days. However, while some of these big transfers
are going into crypto exchanges for a potential selloff, some are
also anonymous wallets shifting huge amounts of tokens from crypto
exchanges into private wallets. Related Reading: Crypto Expert
Predicts Bitcoin Will Reach $650,000 Due To This Reason Whale
transaction tracker Whale Alerts posted on social media platform X
(formerly Twitter) instances of enormous transactions on April 16.
The first notable transaction was the transfer of 158 million
tokens worth $77 million from a private wallet into the crypto
exchange Binance. This massive transfer into the exchange ignited
worrying signs for holders hoping for a reversal from bearish
momentum into a price surge. Similarly, there was a transfer of
28.9 million XRP worth $14.2 million into Bitstamp. On the
other hand, Whale Alerts also indicated the outflow of XRP from
Binance into private wallets. Particularly, the tracker noted the
transfer of 100 million XRP, worth around $48 million, into private
wallets. These transfers were made with three transfers in rapid
succession, with each transfer of 33.33 million XRP worth $16.2
million. Interestingly, the tracker also noted the movement
of large amounts of tokens on April 15. Overall, there were
transfers of 457 million XRP worth over $234 million into crypto
exchanges Bithumb, Bitvavo, and Bitstamp. The largest transaction
was the transfer of 390 million tokens worth $201 million into
Bithumb. What’s Next For The Altcoin? Whale transactions are very
important in the world of cryptocurrencies. Prices could swing
massively at any time based on the actions of a few big players.
For regular XRP investors, these whale transfers highlight the
volatility and uncertainty in the current price of XRP. At the same
time, their movement into crypto exchanges is bearish, and they
give investors a glimpse of the the altcoin’s price trajectory in
the short term. Related Reading: Arkham Releases Top 5 Crypto
Rich List – You Won’t Believe How Much Is Inaccessible At the time
of writing, XRP is trading at $0.4986. Although currently up by
1.79% in the past 24 hours, XRP seems to be reversing after hitting
$0.5 again. The altcoin is still in a price correction on the
larger timeframe, as it is currently down by 18% and 20% in the
past seven and 30 days, respectively. According to a crypto
analyst, XRP is set to go on a massive rally to $22. Additionally,
many experts believe that the price of the altcoin will experience
an enormous price increase after the next Bitcoin halving. Price
struggles to find support tat $0.49 | Source: XRPUSDT on
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