XRP Price Gearing Up For Rebound As Whales Make Their Move
October 10 2023 - 1:00PM
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Although the XRP price has witnessed a decline along with the
overall crypto market since the beginning of October, recent price
action shows XRP is consolidating in the $0.5 support level,
suggesting the early stages of a rebound may be brewing. In
addition to this, on-chain data has revealed some whales are
expanding their holdings in preparation for the
rebound. Large XRP Transactions Hint At Accumulation
Various on-chain data has shown large XRP transactions in the past
few weeks to and from exchanges, suggesting some whales might be
accumulating XRP tokens. Related Reading: Why Does Ripple Return
Unlocked Tokens To Escrow? Pro-XRP Lawyer Provides Answers
According to data from Whale Alerts, a crypto whale tracking
service, 50 million XRP worth $24.8 million was recently
transferred from Crypto.com to a private wallet. 🚨 50,000,000
#XRP (24,894,598 USD) transferred from #CryptoCom to unknown
wallethttps://t.co/f2Zrx9pLf3 — Whale Alert (@whale_alert) October
9, 2023 Whatever the reasons, massive XRP transactions like this
are worth paying attention to as they can either increase or
decrease buying and selling pressure. 🚨 🚨 60,000,000
#XRP (30,985,299 USD) transferred from #Ripple to unknown
wallethttps://t.co/VNiAX1u5mI — Whale Alert (@whale_alert) October
9, 2023 While there have been other whale movements from private
wallets to exchanges, data from the crypto analytics platform
Santiment points to an accumulation tactic from XRP whales. A
metric that follows the balances of wallets holding between 100,000
to 1 million XRP has significantly increased since the beginning of
the month. In this last 7-day timeframe, the net cumulative
balance in these wallets increased by 60 million XRP tokens from
3.77 billion to 3.83 billion. XRP is currently trading at $0.499,
putting the net increase of these whales at $29.9 million. Price
recovers as whales accumulate | Source: XRPUSD on Tradingview.com
What’s Next For XRP Price – Potential Impact Interest in the XRP
price is now at one of its highest levels, and according to
financial analysts, the cryptocurrency is leading the charge in
upending the conventional payments sector. The number of XRP
holders has also steadily been on the rise, as news about Ripple
and the SEC has continued to generate attention for XRP. Data
from Santiment below shows this measure is now at 4.8 million
wallet addresses: Whales increase their holdings | Source:
Santiment Related Reading: Shiba Inu-Based BONE Gearing Up For
Massive Rally, Here’s Why The XRP price is down by 2.11% in the
past 24 hours, but trading volume increased by 56.53%. Higher
volume means there is more activity and interest in an asset, which
can indicate a price spike. However, bulls have failed to hold the
$0.50 support zone, and XRP might continue to move down if it
breaks below $0.488. With whales accumulating, key support
levels holding, and the SEC lawsuit progressing in Ripple’s favor,
there might be a bullish reversal for XRP. According to one
analyst, XRP could rise 1137% to a new to a new all-time high of
$5.85. Featured image from Crypto News Flash, chart from
Tradingview.com
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