XRP Whales Take Advantage Of 20% Drop To Buy Millions Worth Of Tokens
2024年8月7日 - 12:30AM
NEWSBTC
XRP whales are taking advantage of the price downturn to accumulate
more tokens. XRP recently bottomed out at $0.438 in the wake of an
intense selloff in the wider crypto market, which saw the value of
many cryptocurrencies drop sharply. This intense selloff resulted
in a dramatic 20% decline in the price of XRP within a 24-hour
timeframe. Despite this steep fall, on-chain transaction data
reveals that some large holders, often referred to as ‘whales,’
remain undeterred. These investors are seizing the opportunity
presented by the lower prices to accumulate more XRP on various
exchanges. Whales Buy Millions Of XRP Recent data from the whale
transaction tracker Whale Alerts reveals an intriguing accumulation
pattern among XRP holders. Over the past 48 hours, Whale Alerts has
noted multiple instances of substantial XRP transfers to and from
various exchanges. The majority of these transfers involve moving
significant amounts of XRP into private, unknown wallets from
crypto exchanges. Related Reading: VanEck CEO Compares
Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000 The
latest huge transaction recorded was the transfer of 26.69 million
XRP tokens worth $13.6 million from the Binance exchange to a
private wallet identified as “rhWj9g.” This transaction is part of
a broader trend observed by Whale Alerts, which highlights a
cumulative total of 157 million XRP tokens, worth approximately
$75.16 million, being moved from crypto exchanges into private
wallets over the past 24 hours. Interestingly, most of these
transfers originated from Binance. Interestingly, the data also
indicates a likely selloff transaction, where 31.7 million XRP
tokens, valued at $15.1 million, were transferred into Bitstamp
from a private wallet. This movement contrasts with the general
trend of accumulation, suggesting not all whales are accumulating.
Expanding the timeframe to the past 48 hours, Whale Alerts data
reveals a cumulative accumulation of 228.54 million XRP tokens
worth $108.78 million from crypto exchanges into private wallets.
Quick Rebound For Price? This accumulation by whales could signal a
future price recovery, as significant buy-ins from large holders
often lead to market upswings. The strategic buying amid the price
slump shows confidence that the current downturn is a temporary
setback. Related Reading: Dogecoin Open Interest Sees Sharp 24%
Drop, Where Does Price Go From Here? Recent price action saw the
cryptocurrency fall from $0.653 to $0.438 in the space of five
days, effectively canceling out the gains it made in July. This
drastic price slump saw the cryptocurrency enter the oversold
region on the Relative Strength Index (RSI). XRP has
managed to recover some of its losses. The RSI indicator now
reflects an increase in buying momentum, suggesting that investors
are starting to re-enter the market. At the time of writing,
the altcoin is trading at $0.5016, reflecting a 7.11% increase over
the past 24 hours. This recovery has brought XRP back to a crucial
multi-month resistance and support level around the $0.5 mark, a
price point that has historically been both a floor and a ceiling
for the cryptocurrency. This price point has proven to be a
significant threshold, one that XRP has struggled to break away
from for quite some time now. Featured image from CoinMarketCap,
chart from TradingView.com
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