XRP Whale: Big Players Scoop Up 139M On the Dip from Leading Exchange
Recently, there has been a significant accumulation of approximately 139 million XRP by crypto market whales from exchanges despite a price pullback on July 18. Data from the blockchain reveals multiple accumulation transactions happening over the past day, indicating growing optimism about the coin’s future price movements, even though it slipped below the $0.6 resistance level. This accumulation has sparked positivity among market participants about the coin’s future potential.
CEXs have observed the accumulation of 139 million XRP through six whale transactions in the last 24 hours, as reported by Whale Alert. Particularly noteworthy is the acquisition of 47.36 million coins from the Binance crypto exchange by the address ‘rarG6’, and the accumulation of 25 million coins from the Upbit crypto exchange by the address ‘rDqnm’.
In addition, addresses ‘rhWj9g’ and ‘rfQ9Ec’ amassed 23.27 million and 23.16 million coins from Binance, and the address ‘r4186v’ acquired 19 million coins from the Upbit exchange. These accumulations have added notable buying pressure to the asset, generating investor enthusiasm for future price movements.
Read Also: Ripple CEO Confirms Near Settlement With SEC on Bloomberg, Asserts XRP is Not a Security
However, it’s important to note that the renowned whale address ‘Rzn’ sold 43.72 million XRP to the CEXs Bitstamp and Bitso within the same timeframe. Furthermore, the price of XRP experienced a 6.28% decline to $0.574, hitting 24-hour lows and highs at $0.5685 and $0.6366, respectively.
This downward movement aligns with the broader trend in the crypto market, and recent developments around the XRP lawsuit, including the U.S. SEC calling off a closed-door meeting that could have addressed discussions about a potential settlement, have impacted market sentiment.
Ripple CEO on SEC Potential Resolution
The Ripple-backed asset’s RSI stood at 63, indicating bullish territory, and may point towards short-lived price decline, with chances for further purchases. Ripple CEO Brad Garlinghouse’s comments on the potential resolution of the Ripple vs SEC lawsuit have also garnered significant attention within the global crypto community.
Read Also: XRP’s Dominance Strengthens, Setting the Stage for a Potential Massive Breakout
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
