In the recent volatile crypto market, XRP experienced a significant price downturn, hitting $0.438 after a 20% decline in just 24 hours. Despite this sharp fall, XRP whales, large holders of the cryptocurrency, have been actively accumulating more tokens during this opportune moment. On-chain transaction data has shown a pattern of large transfers of XRP between exchanges and private wallets, indicating a strategic move by these whales to increase their holdings.
Whale Alerts, a whale transaction tracker, has reported multiple instances of substantial XRP transfers in the past 48 hours. One notable transaction involved the transfer of 26.69 million XRP tokens worth $13.6 million from Binance to a private wallet. In total, over 157 million XRP tokens, equivalent to approximately $75.16 million, have been moved from exchanges to private wallets in the last day. While most of the accumulation activity originated from Binance, there were also selloff transactions recorded, indicating not all whales are accumulating at this time.
Despite the recent price slump, XRP has managed to recover some of its losses, currently trading at $0.5016 with a 7.11% increase over the past 24 hours. The RSI indicator reflecting an increase in buying momentum suggests that investors are regaining confidence in the market. This recovery has brought XRP to a critical resistance and support level at $0.5, a price point that has historically posed challenges for the cryptocurrency.
The accumulation of XRP by whales during this market downturn could potentially signal a future price recovery. Historically, significant buy-ins from large holders have led to market upswings. Their confidence in the long-term prospects of XRP despite the current setback indicates a bullish sentiment among these investors. The strategic moves made by whales in accumulating more XRP during this period of lower prices may have broader implications for the cryptocurrency’s price trajectory in the coming weeks.
The recent actions of XRP whales to accumulate more tokens during a price downturn highlight their confidence in the cryptocurrency’s future potential. The strategic moves made by these large holders in transferring significant amounts of XRP from exchanges to private wallets indicate a bullish outlook on the market. As XRP continues to navigate through volatile price fluctuations, the activity of whales in seizing opportunities during market downturns may serve as a key indicator of future price movements.
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