Amid the recent bearish turn taken by the XRP price, primarily caused by a crypto market selloff, the strategic moves of the whales have once again ignited a speculative buzz among investors over the Ripple-backed asset’s future price movements. Just before the XRP price witnessed a pullback, whales were recorded to have acquired a whopping 77 million coins from Binance, one of the world’s leading crypto exchanges. Despite today’s plunge, these accumulations have sparked a flurry of mixed sentiments on XRP’s future price movements, with some even being optimistic. Here’s a closer look into why:

XRP Whales Continue To Accumulate XRP Amid Sluggish Performance

According to data from Whale Alert, an on-chain transaction tracker, three whales collectively accumulated 76.9 million XRP from Binance over the past day via three transactions. Two whales among the three have previously been reported to have accumulated similar massive amounts of XRP in recent days.

The addresses rfQ9EcLkU and rarG6FaeY each bagged slightly above 25 million coins today, adding to their existing XRP holdings. Whereas another unknown whale, rhWj9gaovw, bought roughly the same number of coins from Binance.

The continued buying of XRP by the abovementioned addresses might come as a strategic investment mover. Over the past few days, these addresses (rfQ9EcLkU & rarG6FaeY) have bought over hundreds of millions of XRP coins, underscoring confidence in the asset’s future.

This comes despite the token’s extended sluggish performance, which can be attributed to the Ripple Labs vs U.S. SEC lawsuit. However, the continued buying whale activity hints at a potential upswing in XRP’s future price movements. It’s worth pointing out that a tidal wave of market optimism already persists surrounding XRP’s potential run to hit its wave three target of $1 in the coming days.

However, mirroring today’s crypto market selloff, the token has slipped below the crucial support level of $0.52, even trading below the $0.5 mark. This has caused a stir in the crypto community, while the whale activity-birthed optimism further submerged in an enigma.

Also Read: Nascent Snatches 447.67 Billion PEPE Tokens Amid PEPE Price Dip, What’s Next?

XRP Price Pullback, What’s Next?

As of writing, the XRP price tumbled 4.81% in the past 24 hours to $0.499. The token’s 24-hour lows and highs were recorded as $0.4631 and $0.5275, respectively.

XRP continues to struggle to hold above the $0.5 price level, with technicals further flagging bearish signals for the asset. The RSI rested around 37, underlining downside pressure that validates XRP’s fall.

Further decline may be expected as the token encounters increased selling pressure in the market, while the asset has yet to reach oversold territory. Nonetheless, if buying pressure prevails, as in the case of the one mentioned, prices could bolster ahead. Topping the $0.52 price mark potentially paves the road for further gains should the token gain an upside movement.

Also Read: Why is Bitcoin Price Falling Sharply Today

The post XRP Whales Sack 77M Coins From Binance, Price Gains Ahead? appeared first on CoinGape.

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Filed under: News - @ June 8, 2024 7:24 am