- XRP Whales recently withdrew 806 million tokens from crypto exchanges.
- Whales’ actions suggest belief in XRP’s long-term potential.
- The community’s bullish speculation is yet to reflect in XRP’s price.
XRP whales recently withdrew 806 million tokens worth over $400 million from the exchanges. According to a cryptocurrency analyst on the Cheeky Crypto YouTube channel, the whales’ actions sent massive signals across the crypto space, leaving users speculating over the altcoin’s future.
The analyst explained the significance of such actions by crypto whales, highlighting its impact on the crypto community, in a podcast. He noted that similar actions in the past have often led to significant price movements.
Crypto users observe whales’ actions and factor that in while analyzing the markets. On that note, it is crucial to note that withdrawing substantial amounts of a digital asset typically suggests that these large holders believe in its long-term potential and aren’t planning to sell anytime soon.
From the retailers’ perspective, they are led to believe that crypto whales may have far more information about the internal workings of crypto projects like the XRP. For instance, they may expect a big win for Ripple in the ongoing case between the FinTech company and the SEC, or they may have observed something in the market beyond the retailers’ perspective. Notably, the whales’ actions have triggered excitement among the XRP community, with many retailers expecting the crypto token’s price to surge.
However, this heightened bullish sentiment has yet to translate into a price rally. TradingView data shows XRP has declined nearly 7% since last Wednesday amid a broader crypto market pullback. Leading cryptocurrencies like Bitcoin and Ethereum have also experienced minor dips during this period.
Most XRP supporters commenting on social media platforms like X believe in the crypto asset’s potential to rally, perhaps because of the altcoin’s technical outlook. Observing the XRP daily chart on TradingView shows that the crypto asset trades above significant support, around the $0.5400 region.
Traders see this dip as an opportunity to accumulate XRP before a potential bull run. However, a break below this support level could lead to further declines, possibly retesting the August 5 low of around $0.4300.
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