XRP could continue a price correction in the short term as recent price action has put it rebounding against a resistance level of $0.5. On-chain data has also revealed a row of transactions from whales of the cryptocurrency in the past 24 hours, but are they bullish or bearish on XRP? These large transactions have been a mix of both, although the trading volume of each transaction could point to them being bearish rather than bullish.
XRP Whales On The Move
Large XRP transactions, often indicators of whale activity, have spiked recently. XRP has seen some major whale movements over the past few weeks that point to a bearish sentiment among big players amidst a price correction for the cryptocurrency in the past seven days. However, while some of these big transfers are going into crypto exchanges for a potential selloff, some are also anonymous wallets shifting huge amounts of tokens from crypto exchanges into private wallets.
Whale transaction tracker Whale Alerts posted on social media platform X (formerly Twitter) instances of enormous transactions on April 16. The first notable transaction was the transfer of 158 million tokens worth $77 million from a private wallet into the crypto exchange Binance. This massive transfer into the exchange ignited worrying signs for holders hoping for a reversal from bearish momentum into a price surge. Similarly, there was a transfer of 28.9 million XRP worth $14.2 million into Bitstamp.
On the other hand, Whale Alerts also indicated the outflow of XRP from Binance into private wallets. Particularly, the tracker noted the transfer of 100 million XRP, worth around $48 million, into private wallets. These transfers were made with three transfers 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. Overall, there were transfers of 457 million XRP worth over $234 million into crypto exchanges Bithumb, Bitvavo, and Bitstamp. The largest transaction was the transfer of 390 million tokens worth $201 million into Bithumb.
What’s Next For The Altcoin?
Whale transactions are very important in the world of cryptocurrencies. Prices could swing massively at any time based on the actions of a few big players. For regular XRP investors, these whale transfers highlight the volatility and uncertainty in the current price of XRP. At the same time, their movement into crypto exchanges is bearish, and they give investors a glimpse of the the altcoin’s price trajectory in the short term.
At the time of writing, XRP is trading at $0.4986. Although currently up by 1.79% in the past 24 hours, XRP seems to be reversing after hitting $0.5 again. The altcoin is still in a price correction on the larger timeframe, as it is currently down by 18% and 20% in the past seven and 30 days, respectively.
According to a crypto analyst, XRP is set to go on a massive rally to $22. Additionally, many experts believe that the price of the altcoin will experience an enormous 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
