XRP whale moves hint at supply squeeze: Is $4 next?
The post XRP whale moves hint at supply squeeze: Is $4 next? appeared on BitcoinEthereumNews.com.
Recent data showed a significant outflow of XRP by whales from one of the top exchanges. Market sentiment was bullish, with expectations that XRP could reach $4 before establishing a new trading range. Over the past month, XRP experienced a remarkable rally, recording a 148.54% increase in price. However, its momentum has slowed, entering what appears to be an accumulation phase. This period of consolidation has contributed to a more subdued price trend, resulting in weekly losses of 2.43% and a daily dip of 0.93%. Analysis by AMBCrypto highlighted the possibility of a price recovery, but there was a possibility that the process may face delays, depending on market conditions. Whales trigger market-shifting moves in XRP According to Whale Alert, XRP has seen a significant outflow from Binance, one of the largest cryptocurrency exchanges, over the past 24 hours. Tracking data showed that 800,000 XRP, valued at $1,927,321,529 at the time of recording, was moved out of the exchange. Large-scale outflows like this often points to a bullish market sentiment. Investors transferring sizeable holdings from exchanges to private wallets typically indicate a preference for holding rather than selling, as private wallets are less commonly used for trading. This trend suggests that whales are positioning themselves for potential long-term gains. If such outflows persist, they could lead to a supply squeeze, reducing the liquidity of XRP on exchanges and potentially driving up its price. XRP remains in an accumulation phase, with its price oscillating within a defined range over the past weeks. XRP could reach $4 after accumulation The recent whale-driven supply squeeze shows the possibility of a breakout from this phase. Should a breakout occur, XRP could climb by 66.44%, reaching approximately $4. This accumulation phase in technical term is known as a symmetrical triangle, which involves trading back and…
Filed under: News - @ December 16, 2024 1:26 pm