Whales Accumulate 47 Million XRP Tokens – Is a Major Turnaround Coming?
XRP, the cryptocurrency associated with Ripple, has seen significant movement by large holders amidst recent price fluctuations. Blockchain data shows a substantial transfer of tokens, with XRP whales accumulating over $20 million worth of tokens during a price drop, sparking speculation about a potential market reversal. Specifically, these large holders acquired around 47 million XRP tokens valued at $25.86 million. These accumulations occurred during a period of price volatility, prompting discussions about a potential market shift.
Notably, Whale Alert, a platform tracking on-chain transactions, reported two major transfers to unknown wallet addresses. The first transfer involved moving 22 million tokens ($12.08 million) from Upbit to the wallet address “r418…pVGH,” followed by a second transfer of 24.8 million tokens ($13.7 million) from Binance to the wallet address “rfQ9…k8Cvi.” These significant accumulations during a price dip indicate that large investors may view current prices as an attractive entry point, potentially signalling expectations of price reversals.
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However, it’s important to note that amidst these accumulations, other large holders have sold approximately 75 million tokens to various exchanges, including Bitstamp, Bitget, and Bitso. Some analysts interpret this selling activity as profit-taking, a common strategy among traders.
Price Action and Performance
In terms of market performance, XRP is currently trading at $0.5494 with a 24-hour trading volume of $2.1 billion. The token has experienced a 4.90% price decline over the past day but has seen a 17.94% increase over the week. With a circulating supply of 56 billion XRP, the cryptocurrency’s market capitalization stands at $30.7 billion.
In other news, there has been speculation about a potential settlement in the ongoing legal case involving Ripple, as the Securities and Exchange Commission recently cancelled a closed-door meeting. Additionally, the cryptocurrency community is closely observing developments related to Ethereum ETFs, as several Ether ETFs have obtained preliminary approvals and are expected to commence trading on July 23, potentially impacting the broader cryptocurrency market, including XRP.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
