Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance
July 09 2024 - 5:30PM
NEWSBTC
XRP is starting to recover after bouncing off $0.405 on July 5,
suggesting the early stages of a rebound may be brewing. The crypto
market has been volatile lately, and XRP hasn’t been spared. The
crypto’s price took a dip recently, dropping below $0.40 for the
first time in over a year. It is interesting to note that on-chain
data suggests that some whales may be accumulating in anticipation
of a major comeback, which may even be responsible for the bounce
off of $0.40. XRP Whales Buying The Dip? Various on-chain
data has shown large XRP transactions in the past few weeks to and
from exchanges, suggesting some whales might be taking advantage of
the dip to accumulate more tokens. Particularly, recent transaction
alerts from Whale Alerts on social media platform X noted a recent
transfer of 52.1 million XRP tokens worth $22.7 million from crypto
exchange Binance into an unknown wallet. Related Reading:
Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months,
What Happens Next? The details of this $22 million XRP transaction
are pretty fascinating and transfers like this are worth paying
attention to as they can either increase or decrease buying and
selling pressure. In this case, the movement away from Binance
suggests a decrease in selling pressure on the exchange. 🚨
52,103,936 #XRP (22,713,495 USD) transferred from #Binance to
unknown wallethttps://t.co/7TUiD49tYb — Whale Alert (@whale_alert)
July 9, 2024 Interestingly, on-chain data shows that this wasn’t an
isolated transaction. Data shows a similar transaction occurred
over the weekend, which saw the movement of 31.9 million XRP tokens
from Binance into an unknown wallet. At the time of transfer, these
tokens were worth $14.22 million. Furthermore, the blockchain
analytics engine Blockchain also revealed the transfer of 10
million XRP tokens worth $4.2 million from Binance into another
unknown wallet. What’s Next? Key Levels To Watch At the time of
writing, XRP is trading at $0.434. If the bulls regain control, the
first minor resistance is at $0.45 and the next key resistance
level to watch is around $0.50. Punching through that could open
the floodgates for a rally towards $0.70 or even the $0.80 mark.
Related Reading: Legendary Trader Peter Brandt Says Bitcoin Could
Crash To $44,000, Here’s Why To fuel that kind of upside, XRP would
need to see a surge in trading volume and buying pressure from both
retail and institutional investors. Positive news from Ripple’s
ongoing legal battle with the SEC could be a major catalyst. An
outright win or settlement would remove a huge cloud of uncertainty
hanging over XRP. On the flip side, if the bears maintain their
grip, the first support level to watch is around $0.40. This is
because XRP recently bounced off $0.40 after an intense selloff
last week. A break below that could see XRP tumble towards another
support at $0.3750. Featured image created with Dall.E, chart from
Tradingview.com
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024