XRP whales are on the move again, but are they bullish or bearish?
XRP The recent price action may result in a bounce to the $0.5 resistance level, which could continue the price correction in the near term. On-chain data has revealed a series of trades from cryptocurrency whales over the past 24 hours, but is it bullish or bearish for XRP? These large trades were a mix of the two, but the volume on each trade could be more bearish than bullish.
XRP whales on the move
Large XRP transactions, an indicator of whale activity, have recently surged. XRP has witnessed several major whale movements over the past few weeks, signaling bearish sentiment among large players amidst a price correction in the cryptocurrency over the past seven days. However, while some of these large transfers go to cryptocurrency exchanges for potential selling, some are also anonymous wallets that move huge amounts of tokens from cryptocurrency exchanges to personal wallets.
Whale trading tracker Whale Alerts posted an example of the massive trade on social media platform X (formerly Twitter) on April 16. First Notable Transaction 158 million tokens worth $77 million were transferred from a personal wallet to the cryptocurrency exchange Binance. This massive transfer to exchanges has triggered a worrying signal for holders hoping for a reversal of bearish momentum into a surge in prices. similarly, There was a transfer 28.9 million XRP worth $14.2 million invested in Bitstamp.
On the other hand, Whale Alerts also pointed out that XRP was leaked from Binance to personal wallets. In particular, the pursuers noted that 100 million XRP worth approximately $48 million had been transferred to private wallets. These transfers were made through: Transfer 3 times The transfer continued quickly, with 33.33 million XRP worth $16.2 million transferred.
Interestingly, the tracker recorded a large token movement on April 15th. In total, 457 million XRP, worth over $234 million, was transferred to cryptocurrency exchanges Bithumb, Bitvavo, and Bitstamp. that much biggest deal 390 million tokens worth $201 million were transferred to Bithumb.
What’s next for altcoins?
whale trading This is very important in the cryptocurrency world. Prices can fluctuate significantly at any time. Action of some big players. For the average XRP investor, these whale transfers highlight the volatility and uncertainty of the current XRP price. At the same time, the movement towards cryptocurrency exchanges is bearish and is likely to discourage investors. Altcoin price trajectory in the short term.
As of this writing, XRP is trading at $0.4986. Currently up 1.79% in the last 24 hours, XRP appears to be reversing after reaching $0.5 again. Altcoin is Price still being adjusted over a larger period of time Currently down It has increased by 18% and 20% over the past 7 and 30 days respectively.
XRP According to Crypto Analysts A large rally is planned Up to $22. Moreover, many experts Trust Altcoin Prices After that, you will experience huge price increases. Next Bitcoin Halving.
Price struggles to find support tat $0.49 | Source: XRPUSDT on Tradingview.com
Featured image from Bitcoin News, Chart from Tradingview.com
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