XRP could continue the price correction in the short term, as the recent price action caused it to bounce against a resistance level of $0.5. On-chain data also revealed a series of cryptocurrency whale trades over the past 24 hours, but are they bullish or bearish on XRP? These large trades are a mix of the two, although the trading volume of each trade could indicate that they are bearish rather than bullish.
XRP whales on the move
Large XRP transactions, often indicators of whale activity, have increased recently. XRP has seen major whale moves over the past few weeks, indicating bearish sentiment among major players amid a price correction for the cryptocurrency over the past seven days. However, while some of these large transfers are to crypto exchanges for potential sale, some are also anonymous wallets moving huge amounts of tokens from crypto exchanges to private wallets.
Transaction tracker Whale Whale Alerts posted cases of huge transactions on social media platform X (formerly Twitter) on April 16. first notable transaction was the transfer of 158 million tokens worth $77 million from a private wallet to crypto exchange Binance. This massive transfer to the stock market has triggered worrying signs for holders hoping for a reversal of bearish momentum into higher prices. In the same way, there was a transfer of 28.9 million XRP worth $14.2 million in Bitstamp.
On the other hand, Whale Alerts also reported the release of XRP from Binance to private wallets. In particular, the tracker noted the transfer of 100 million XRP, worth around $48 million, to private wallets. These transfers were carried out with three transfers in in rapid succession, with each transfer of 33.33 million XRP worth $16.2 million.
Interestingly, the tracker also noted the movement of large amounts of tokens on April 15. In total, there were transfers of 457 million XRP worth over $234 million to crypto exchanges Bithumb, Bitvavo, and Bitstamp. THE largest transaction was the transfer of 390 million tokens worth $201 million to Bithumb.
What's next for Altcoin?
Whale Transactions are very important in the world of cryptocurrencies. Prices could fluctuate massively at any time depending on actions of some major players. For regular XRP investors, these whale transfers highlight the volatility and uncertainty of the current XRP price. At the same time, their move towards crypto exchanges is bearish and they are giving investors a glimpse of how the situation is developing. altcoin price trajectory in the short term.
At the time of writing, XRP is trading at $0.4986. Although currently up 1.79% in the last 24 hours, XRP appears to be reversing after hitting $0.5 again. The altcoin is still in a price correction over a longer period of time, as is the case Currently down by 18% and 20% in the last seven and 30 days, respectively.
According to crypto analyst, XRP is about to take part in a massive rally at $22. In addition, many experts believe that the price of altcoin will experience a huge price increase after the next Bitcoin halving.
Price struggles to find support tat $0.49 | Source: XRPUSDT on Tradingview.com
Featured image from Bitcoin News, chart from Tradingview.com
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