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32,141,202 XRP Exit Binance, Will This Stem Bearish Trend?

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Mon, 17/06/2024 - 11:49
32,141,202 XRP Exit Binance, Will This Stem Bearish Trend?
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XRP opened the week to another bout of uncertainty; however, this time, it is marked by a series of whale movements. According to an update from crypto analytics platform Whale Alert, exactly 32,141,202 XRP have just left the Binance exchange.

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Subtle XRP reset ongoing

At the time of writing, XRP's price has shed just about 3.83% of its valuation in the past month. Currently, it is trading up by 1.58% in 24 hours to $0.4998. Despite this mild rebound, XRP remains in unchartered territory, with an urgent need for revival.

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The more than 32 million XRP shuffled out of Binance is worth $15,678,753, and it signifies the start of a buying season. When any digital currency exits a major exchange like Binance, it implies buying is taking place, and a transfer to exchanges indicates an imminent sell-off.

The 32 million XRP complements the sudden twist in the coin’s trading volume. This metric has jumped by 41.42% in 24 hours to $1,148,430,921, an indication of revival in bullish sentiment.

Upon glimpsing that the price of XRP is climbing back to new highs, XRP whales might reawaken their interest in the coin. This reboot in sentiment can trigger more of an upsurge for the coin overall.

Need for drastic revival

The mild recovery in the price of XRP has not uniquely shifted its position at the moment. Per historical trends, XRP has performed more woefully than it did at the start of the year. In the year-to-date period, the price of XRP has dropped by 20.23% overall.

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There is undoubtedly a need for a drastic revival in the price of the coin. As it stands, market experts are speculating that the end of the Ripple v. SEC lawsuit is the missing catalyst that can drive the price of XRP to breach the undefeated resistance levels it has set over the past few months.

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