Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance
XRP is starting to recover after bouncing off $0.405 on July 5, suggesting the early stages of a rebound may be brewing. The crypto market has been volatile lately, and XRP hasn’t been spared. The crypto’s price took a dip recently, dropping below $0.40 for the first time in over a year. It is interesting to note that on-chain data suggests that some whales may be accumulating in anticipation of a major comeback, which may even be responsible for the bounce off of $0.40. XRP Whales Buying The Dip? Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be taking advantage of the dip to accumulate more tokens. Particularly, recent transaction alerts from Whale Alerts on social media platform X noted a recent transfer of 52.1 million XRP tokens worth $22.7 million from crypto exchange Binance into an unknown wallet. Related Reading: Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next? The details of this $22 million XRP transaction are pretty fascinating and transfers like this are worth paying attention to as they can either increase or decrease buying and selling pressure. In this case, the movement away from Binance suggests a decrease in selling pressure on the exchange.
XRP is starting to recover after bouncing off $0.405 on July 5, suggesting the early stages of a rebound may be brewing. The crypto market has been volatile lately, and XRP hasn’t been spared. The crypto’s price took a dip recently, dropping below $0.40 for the first time in over a year. It is interesting to note that on-chain data suggests that some whales may be accumulating in anticipation of a major comeback, which may even be responsible for the bounce off of $0.40.
XRP Whales Buying The Dip?
Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be taking advantage of the dip to accumulate more tokens. Particularly, recent transaction alerts from Whale Alerts on social media platform X noted a recent transfer of 52.1 million XRP tokens worth $22.7 million from crypto exchange Binance into an unknown wallet.
The details of this $22 million XRP transaction are pretty fascinating and transfers like this are worth paying attention to as they can either increase or decrease buying and selling pressure. In this case, the movement away from Binance suggests a decrease in selling pressure on the exchange.
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