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The XRP price is still moving sideways, but whales have started to defy all the odds with huge moves. The broader crypto market has slightly recovered after the recent rate cuts by the U.S. Federal Reserve. Bullish sentiment is still prevailing on the market as more gains are likely in the cards. Seeing this, XRP whales are trying to push the prices to the next highs.
According to CryptoQuant data, more than 252 million XRP were withdrawn from cryptocurrency exchanges on Sept. 23. The total value of these coins, based on the current XRP price, is around $147 million. This is a huge single day rise in exchange outflows for the coin, showing a strong accumulation trend among whales.
Whales typically buy XRP tokens on top crypto exchanges and then withdraw these assets to move them into their private wallets. Large holders are known for holding coins for the long term, and they prefer keeping them in their private crypto wallets. As they hold these coins and have no plans to sell them in the short term, these exchange withdrawals have long-term positive impacts.
What does it mean for XRP price?
Whale accumulation is likely to inject bullish momentum into XRP's price movement. The Ripple Labs-associated coin requires this confidence from large holders if it has to move to the next highs. As of writing this article, XRP is trading at $0.5869, after a slight dip of 1.12% in the last 24 hours. The trading volume is also down 15% during this time, currently at $965 million.
While the sideways movement is persisting, the rising buying activity can positively impact the price in the near future. XRP is currently facing strong resistance from the $0.61 price level. It has to break through this range in order to establish a more sustained upward trend. With whales going bullish, XRP may trigger this potential rally in the coming weeks.
Alex Dovbnya
Dan Burgin
Vladislav Sopov