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XRP whales have made notable transactions amid a notable price dip. However, these XRP transfers are expected to give a boost to the price as it is a major bullish development for the coin. Whale tracking service Whale Alert has notified the community of two notable transactions earlier today.
According to the details, a whale transferred 22 million XRP from South Korean crypto exchange Upbit to an unknown wallet. It is estimated to be worth around $12 million based on the current price of the coin. The second transfer occurred almost four hours later.
This time, the XRP whale sent almost 24.85 million XRP coins from crypto trading platform Binance to another unknown wallet. This transfer is worth around $13.7 million. Collectively, over 46 million XRP tokens were transferred, estimated to be worth around $25 million.
The most notable aspect is that these transfers are potential acquisitions of XRP coins. Crypto whales typically buy crypto from exchanges and then hold them in their private wallets. In this case, these XRP whales have bought a major amount of coins. They appear to be buying the dips, which will eventually be a bullish signal.
XRP price struggles amid whale movements
As of this publication, the price of XRP is trading at $0.5473, after a decrease of 4.37% over the last 24 hours. Moreover, the 24-hour trading volume of the coin is down 41.40% to $2.26 billion. This shows that the XRP price has struggled today as it failed to sustain the recent bullish momentum.
Notably, the price of the coin is down 17.31% over the past week. This means that XRP faced severe resistance at the $0.6329 level, and it failed to clear this price zone. Meanwhile, the RSI of XRP is at 58.0282. It shows that the coin is currently in a neutral zone, indicating there is no bearish pressure. Moreover, the recent whale accumulation will inject further bullish momentum into the market.
Yuri Molchan
Alex Dovbnya