Mega XRP Whales Emerge After 806 Million Token Withdrawal
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XRP whales are preparing for one of the biggest price breakouts with their latest moves. These large holders are known for influencing the price movements of the Ripple backed coin. In the latest twist, they have stunned major crypto exchanges with one of the largest token withdrawals in a single day.
XRP whales go bullish
On Wednesday, there was a huge surge in exchange outflows from XRP. Whales withdrew more than 806 million coins in a single day, according to on-chain data from CryptoQuant. This was clearly a huge buying spree by large investors, which has the potential to inject bullish momentum into the coin.
If history is any guide, rising exchange inflows or buying activity of XRP may result in a price increase in the coming days. While it is not necessary that a price rally will come right away, such moves are considered bullish in the broader term. The XRP price already saw huge gains earlier this month, and more gains are likely in the cards over the long term.
XRP potential price impact
According to CoinMarketCap, XRP is currently trading at $0.5746 after a dip of 1.25% in the last 24 hours. This latest price decrease comes after a broader correction on the overall crypto market. Leading coins like Bitcoin (BTC) and Ethereum (ETH) also saw minor dips during this time. For XRP, this brief correction period seems to be the calm before the storm.
Whales have been actively buying the coin in huge numbers as a strong accumulation trend has emerged. Even the Relative Strength Index (RSI) of XRP, currently at the 48.89 level, is acknowledging this XRP buying zone. Moreover, there are no signs of a major sell-off as of right now. All these signals are hinting toward a potential XRP price rally in the near future, injecting optimism into the community.
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