XRP Whales Make Significant Moves Amid Price Dip, Potential Bullish Signal

XRP Whales Make Significant Moves Amid Price Dip, Potential Bullish Signal

XRP whales have been making notable transactions amid a recent price dip, which could potentially lead to a price boost as it signifies a major bullish development for the coin. Whale tracking service Whale Alert reported two significant transactions earlier today.

In the first transaction, a whale transferred 22 million XRP from the South Korean crypto exchange Upbit to an unknown wallet. Based on the current price of XRP, this transfer is valued at approximately $12 million. The second transaction occurred nearly four hours later.

In this subsequent transfer, the XRP whale moved nearly 24.85 million XRP coins from the crypto trading platform Binance to another unknown wallet. This transaction is worth around $13.7 million. Collectively, these two transfers amount to over 46 million XRP tokens, estimated to be worth approximately $25 million.

The most noteworthy aspect of these transactions is that they appear to be potential acquisitions of XRP coins. Typically, crypto whales purchase assets from exchanges and then hold them in their private wallets. In this instance, these XRP whales have acquired a significant amount of coins, seemingly taking advantage of the price dip, which is often a bullish signal.

XRP Price Struggles Amid Whale Movements

As of this publication, the price of XRP is trading at $0.5473, marking a 4.37% decrease over the past 24 hours. Additionally, the 24-hour trading volume of XRP has decreased by 41.40% to $2.26 billion. This indicates that XRP’s price has struggled to maintain its recent bullish momentum.

Notably, the coin’s price has declined by 17.31% over the past week, indicating that XRP faced significant resistance at the $0.6329 level and failed to break through this price zone. Meanwhile, the Relative Strength Index (RSI) for XRP stands at 58.0282, suggesting that the coin is currently in a neutral zone with no significant bearish pressure. Furthermore, the recent accumulation by whales is expected to inject additional bullish momentum into the market.