Advertisement
AD

Main navigation

50 Million XRP in 24 Hours: Do Whales Know Something?

Advertisement
Tue, 27/08/2024 - 13:35
50 Million XRP in 24 Hours: Do Whales Know Something?
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

XRP whales are making bold moves, having accumulated over 50 million XRP tokens in a single day.

Advertisement

According to crypto analyst Ali Martinez, XRP whales have scooped up over 50 million XRP in the past 24 hours, boosting their holdings by approximately $29.5 million.

The surge in whale activity signals bullish sentiment in the XRP community, with the acquisition of such a large amount of XRP in a short period being noteworthy.

The market is currently experiencing profit-taking, with several cryptocurrencies trading lower. XRP fell 1.5% in the last 24 hours to $0.587.

Advertisement

Several factors might be fueling the bullish sentiment among XRP whales. Broader market trends, such as expectations of Fed rate cuts, might be driving investors to seek out risk assets, including cryptocurrencies.

Related

This positive sentiment was reflected in the past week with digital asset investment products seeing inflows totaling $533 million, the highest inflows in five weeks. This rise followed Jerome Powell's statements at the Jackson Hole Symposium, in which he speculated that the first interest rate cut could occur in September. The majority of the inflows came on Friday, following Jerome Powell's dovish comments. XRP too attracted inflows, receiving $0.3 million.

XRP price action

XRP dipped from highs of $0.631 on Aug. 24, indicating that bears are vigorously defending the level. After two straight days of losses, XRP began to show signs of recovery, though it is still trading lower daily.

Related

The initial support to monitor on the downside is $0.58, followed by the 50-day SMA at $0.56. If XRP continues to rebound from present levels, it will indicate that bulls are buying on tiny dips. The bulls will next try one more time to pass the overhead hurdle at $0.64. If they succeed, XRP might hit $0.74.

This optimistic outlook will be discredited in the near term if the XRP price falls below $0.54. This will maintain the price inside the $0.41 to $0.64 range for a few more days.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD