Altcoin
XRP Whales Buy The Dip With 139M Accumulated From Major Exchanges
Crypto market whales have taken action to accumulate nearly 139 million XRP from exchanges against the backdrop of a price pullback today, July 18. On-chain data indicates that a series of accumulation transactions occurred over the past day, igniting optimism over the coin’s future price movements. Despite the crypto’s recent slip below the resistance of $0.6, the accumulations have injected optimism among market participants. Here’s an overview of the Ripple Labs-backed asset’s current market dynamics and what it indicates for future price movements.
Whales Bag 139M XRP From CEXs
As per insights offered by Whale Alert on X, six whale transactions collectively resulted in the accumulation of 139 million XRP in the past 24 hours. These transactions ignite market optimism, emerging amid a pullback in Ripple’s coin’s price. Usual market sentiments convey a potential buy-the-dip strategy taken by crypto market whales, hinting at more gains in the pipeline.
Concerning this, the renowned address ‘rarG6’ was again recorded to have bagged 47.36 million coins from the Binance crypto exchange. Meanwhile, the address rDqnm accumulated 25 million coins from the Upbit crypto exchange.
Simultaneously, the addresses rhWj9g and rfQ9Ec accumulated 23.27 million and 23.16 million coins from Binance, respectively. At last, the address r4186v was recorded sacking 19 million coins from the Upbit crypto exchange.
These accumulations bring additional buying pressure to the asset, generating investor enthusiasm for future price movements. However, it’s also worth mentioning that the renowned whale address Rzn was recorded to dump 43.72 million coins to the CEXs Bitstamp and Bitso in the same duration.
Besides, the Ripple-backed asset traded in the red zone today.
Also Read: Ripple SEC Settlement Speculation Grows Amid 150M XRP Payment
Ripple’s Coin Tumbles
Despite the buying pressure, XRP price illustrated a 6.28% downfall in value to reach $0.574 today. The coin’s 24-hour bottoms and peaks were recorded as $0.5685 and $0.6366, respectively.
It’s worth mentioning that the coin’s today’s waning movement falls in line with the broader crypto market trend. Meanwhile, recent developments within the XRP lawsuit reveal that the U.S. SEC canceled a closed-door meeting that could be on discussions about the lawsuit’s settlement.
Besides, the RSI for the Ripple-backed asset hovered in the bullish territory today, at 63. This validates today’s colossal buying while it also paves the way for additional purchases, hinting that the price fall may be short-lived. Further, the abovementioned accumulations solidify optimism on future price movements.
Ripple CEO Brad Garlinghouse’s stance on a looming resolution of the Ripple vs SEC lawsuit has sparked further discussions across the global crypto community.
Also Read: Ripple XRP Case Update: Ex-SEC On Secret Meeting; XRP To Hit $1 Next?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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