Major Transactions of $480 Million in XRP by a Significant Investor May Signal Potential Future Price Trends
In the world of cryptocurrencies, the actions of XRP whales, who hold between 1 million and 1 billion tokens, have been causing a stir. Over the past month, these whales have offloaded a significant amount of their coins, with a notable drop from 8.1 billion coins to around 7.77 billion as of now.
The offloading of XRP coins by whales holding 100 million coins to 1 billion coins began since July, with a sharp drop in their holdings from around 10.83 billion during that period to 7.94 billion in August. This trend has continued, with the offloading of coins occurring since around September 4.
Large holders of XRP, including institutional investors or wallets classified as 'whales,' have sold approximately $480 million worth of XRP in the last two weeks. However, the specific entities responsible for these sales remain undisclosed in the available sources.
This offloading of XRP coins by whales has fuelled concerns that these events might turn out to be a 'sell the news' event, with a sharp price decline happening once they occur. Crypto analyst Egrag Crypto predicts a potential bearish cross lies ahead for the XRP price, with the altcoin possibly dipping to as low as $2.65 despite an imminent Fed rate cut.
Despite this bearish outlook, it's worth noting that the XRP price is trading at around $3, up in the last 24 hours, according to data from CoinMarketCap. For the XRP price to avoid the bearish cross, it needs to see a close above $3.07 and $3.13.
The offloading of XRP coins by whales comes amidst positive news for the altcoin, with projections of a Fed rate cut this week and the upcoming launch of the first spot XRP ETF. However, these developments have not seemed to deter the whales from offloading their coins.
The news article's editorial policy focuses on accuracy, relevance, and impartiality. The information presented in this article is based on available data and sources. It is important to remember that the cryptocurrency market is highly volatile and predictions should be taken with a grain of salt.
As always, it's crucial for investors to conduct their own research and make informed decisions based on their own analysis and risk tolerance. This article is for informational purposes only and should not be taken as financial advice.
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