XRP Whales Make Big Moves Amid Market Volatility
January 10 2024 - 6:00PM
NEWSBTC
XRP Whales are causing a stir in the XRP community as holders
speculate on what could be the reason for their latest moves.
On-chain data shows that these whales have moved a significant
portion of their holdings in the last 24 hours. Over 63
Million XRP Tokens Moved Data from Whale Alert shows that two
significant XRP transactions have occurred recently. The first was
a transfer of 26,400,000 XRP from an unknown wallet to the crypto
exchange Bitstamp. The second was a transfer of 36,964,930 XRP from
the crypto exchange MEXC to an unknown wallet. It is normal
for transactions of such magnitude to raise eyebrows, considering
the impact that they could have on XRP’s price. Specifically, such
transfers to centralized exchanges usually suggest that the whale
could be looking to dump the crypto tokens on retail investors. If
so, that could potentially lead to a significant decline in the
altcoin’s price. Related Reading: VanEck Announces Massive
$72 Million Bitcoin ETF Seeding As Two Tickers Appear On DTCC
Website In this case, it is, however, worth mentioning that the
first transaction in question happens to be a recurrent one, as
huge sums of XRP tokens have been reported on a couple of occasions
to have moved from that same wallet to Bitstamp. These
transactions are believed to occur as a result of Ripple’s
strategic partnership with the crypto exchange, with the latter
using the crypto firm’s payment services. Meanwhile, the nature of
the second transaction also allays fears of an impending sell-off.
This is because the tokens were sent from the MEXC to an unknown
wallet and not the other way around. As such, it is more
likely to be a whale who is moving their XRP holdings to cold
storage. This is more plausible, considering that these whales may
soon see huge gains based on recent price predictions. Token
price trailing $0.56 | Source: XRPUSD on Tradingview.com Why Price
Could Rise To Over A Dollar Soon Crypto analyst Ali Martinez
recently offered a bullish narrative for the token’s price. He
noted how the governing pattern behind the crypto token’s price
action since June 2022 looks to be an ascending parallel channel.
If this pattern continues, XRP could rise to between $0.80 and
$1.10, the analyst hinted. Those price levels are the channel’s
middle and upper boundaries. Related Reading: Global Mega
Bank Standard Chartered Releases Bullish Forecast For Spot Bitcoin
ETFs In a subsequent X post, the analyst also suggested that now
may be a good time for those looking to get in on the token. He
stated that the weighted market sentiment for XRP had dipped to its
lowest negative point since mid-May 2023. Moments like this can
“present unique opportunities in the market,” Martinez
claims. At the time of writing, XRP is trading at
around $0.56, down over 1% in the last 24 hours, according to data
from CoinMarketCap. Featured image from VOI, chart from
Tradingview.com
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