Amid a notable price dip, XRP whales have conducted substantial transactions, suggesting a bullish outlook for the cryptocurrency. Today, Whale Alert, a service tracking whale activities in the crypto market, reported two significant transactions involving XRP. In the first instance, a whale transferred 22 million XRP from the South Korean exchange Upbit to an undisclosed
wallet, valued at approximately $12 million.
🚨 22,000,000 #XRP (12,088,277 USD) transferred from #Upbit to unknown wallethttps://t.co/AdF3xdPKJj
— Whale Alert (@whale_alert) July 19, 2024
Subsequently, another transfer occurred, this time from Binance, involving nearly 24.85 million XRP, totaling around $13.7 million. Combined, these transactions involve over 46 million XRP tokens, worth approximately $25 million.
🚨 24,851,785 #XRP (13,773,262 USD) transferred from #Binance to unknown wallethttps://t.co/2BHkXE7Eu0
— Whale Alert (@whale_alert) July 19, 2024
Potential Market Impact
Whales strategically acquire cryptocurrencies during price dips, typically purchasing them to hold in private wallets. The market generally perceives such actions as bullish signals. As of the latest update, XRP is trading at $0.5473, reflecting a 4.37% decline over the past 24 hours.
Related article: XRP’s Battle Against Selling Pressure: Key Support and Resistance Insights
The trading volume for XRP has decreased significantly by 41.40% to $2.26 billion during this period. Over the past week, XRP has faced resistance at the $0.6329 level, resulting in a notable 17.31% decline in its price. Despite these challenges, the Relative Strength Index (RSI) for XRP stands at 58.0282, indicating a neutral market sentiment without significant bearish pressure.
Implications of Whale Accumulation
The recent whale acquisitions are expected to inject bullish momentum into the market. By accumulating significant amounts of XRP, whales demonstrate confidence in the cryptocurrency’s future potential, which could potentially influence broader market sentiment positively.
Related article: XRP Price Rollercoaster: Settlement Hopes Dashed, Price Tanks
The recent whale transactions involving XRP highlight strategic buying amidst market fluctuations.
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Despite current price challenges, these activities are anticipated to contribute to a positive shift in sentiment, potentially supporting XRP’s market recovery in the near term.
