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XRP has started to shed off its losses from the recent crypto crash. This price rebound is also getting support from whales, who have started a strong accumulation trend for the coin. The bearish sentiment appears to be fading away as XRP enters a more optimistic zone.
Earlier today, the market witnessed rising buying activity from XRP whales. As per Whale Alert, more than 26 million XRP coins were transferred from crypto exchange Binance to an unknown wallet. This XRP transfer is worth around $13.62 million, as per the current XRP price.
Whales typically buy crypto on prominent trading platforms like Binance and then transfer the assets to their private wallets to hold them for the long term. In this case, the XRP whale has sent about 26 million XRP coins to their private wallet. It is a clear indication of the whale holding these coins for the long term.
What does it mean for the XRP price?
Rising buying activity and accumulation from crypto whales is always seen as a bullish signal. Consequently, it is expected that the price of XRP will get significant support from this buying spree. While the price has already initiated an upward trend after the recent crash, this accumulation will be more beneficial in the broader scenario.
As of writing this story, the XRP price is trading at $0.5069, after a whopping increase of 14.13% in the last 24 hours. Despite the crash on Sunday, the coin is still up 16.57% over the last 30 days. This shows that the Ripple brainchild has faced the market dump with great resistance.
Moreover, today’s price rally is indicating that XRP has not lost its momentum and it is going to continue this bullish run. The coin has already outplayed other notable coins like Ethereum (ETH) in the market, and it appears that whales are ready to push the price to new highs in the coming weeks.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya