XRP Whales Offload $1.9B, Putting Price at Risk of Drop Toward $2
The post XRP Whales Offload $1.9B, Putting Price at Risk of Drop Toward $2 appeared on BitcoinEthereumNews.com.
Key takeaways: In the past month, XRP whales have offloaded 640 million tokens, or $1.91 billion. Bearish divergence on the chart hints at weakening momentum. XRP (XRP) onchain data reveals its largest holders have been quietly offloading their tokens for almost a month, with analysts pointing to risks of a 30% crash in the coming days. Whale wallets drop by 640 million XRP Since July 9, XRP whales have offloaded about 640 million tokens, according to onchain data resource CryptoQuant. XRPL whale flow 90-day moving average. Source: CryptoQuant At current prices, the total value of these outflows exceeds $1.91 billion. Most of the distribution occurred while XRP traded between $2.28 and $3.54. It is the second time in the last year that whales have been distributing during price rallies. Related: $3 price at risk? Why XRP was one of the worst performers this week Between November and January, they aggressively reduced exposure even as XRP surged from $1.65 to $3.27, implying that retail demand likely absorbed much of the sell pressure. XRPL whale flow 30-day MA. Source: TradingView Not all outflows necessarily translate into actual selling, however. Some of the XRP whale activity could reflect internal reshuffling. Nevertheless, there does appear to be an inverse pattern. For example, the recovering whale flows between January and April aligned with XRP’s correction from $3.27 to as low as $1.87, hinting that big investors accumulate during market weakness. XRPL whale flow 30-day MA. Source: TradingView As of Thursday, the whale flow showed signs of a modest recovery. The Enigma Trader, a CryptoQuant-associated analyst, said that XRP’s market may remain structurally weak unless whale addresses add 5 million XRP or more in the coming days, adding “At present, there is no sign of consistent accumulation from large holders, a key component for a constructive trend reversal.”…
