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Binance’s reserves have risen by 34 million XRP, with this likely to be a potential sell-off signal If XRP’s daily candle closes below $2.30, further downside towards $1.92 may be likely Amid the ongoing struggles in the cryptocurrency market, a crypto whale was found dumping a significant amount of XRP tokens, attracting massive attention from crypto enthusiasts. Whale offloads 30 million XRP  According to blockchain transaction tracker Whale Alert, a crypto whale dumped approximately 30.17 million XRP tokens, worth nearly $76.34 million, on 12 January.  This massive dump triggered bearish activity and led to the buildup of significant short positions, resulting in a price decline on the charts. However, the overall market sentiment remains weak, with major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) also falling on the price charts.  Uptick in Binance’s XRP reserves The current market situation has not only affected a single whale, but data from on-chain analytics firm CryptoQuant revealed that Binance’s reserves have seen a significant hike over the last 48 hours. Source: CryptoQuant According to the data, Binance’s reserves grew by 34 million XRP, indicating that whales and long-term holders have moved their holdings to the exchange – Either to sell off or for token swapping. XRP price momentum following breakout However, this notable activity by whales and investors came on the back of XRP breaking out from a bullish flag-and-pole price action pattern, while also approaching a strong resistance level at $2.56. Source: TradingView Since then, however, the cryptocurrency has fallen on the charts, partly  thanks to these whale activities. At press time, XRP was trading near $2.42, following a price decline of over 2.55% in 24 hours. Over the same period, due to the recent dump and the hike in exchange reserves, its trading volume dropped by 30%. This can…

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Filed under: News - @ January 13, 2025 3:26 pm