Crypto Whales Buy the Dip as $22 Million in XRP Exits Binance
The cryptocurrency market has experienced significant volatility recently, and XRP has not been an exception. The price of XRP fell below $0.40 for the first time in over a year, reaching $0.405 on July 5. However, it has since bounced back from this level, suggesting that a potential recovery could be underway.
Are XRP Whales Buying the Dip?
Recent on-chain data indicates large XRP transactions, suggesting that whales might be taking advantage of the dip to accumulate more tokens. Whale Alerts on social media platform X reported a significant transfer of 52.1 million XRP tokens, valued at $22.7 million, from Binance to an unknown wallet.
These large transfers are notable because they can influence buying and selling pressure. In this case, the movement of XRP away from Binance suggests a reduction in selling pressure on the exchange, which could help stabilize the market.
This transfer was not an isolated incident. Over the weekend, a similar transaction involved the transfer of 31.9 million XRP tokens, worth $14.22 million, from Binance to another unknown wallet. Additionally, Blockchain analytics detected another transfer of 10 million XRP tokens, valued at $4.2 million, from Binance to an unknown wallet.
What’s Next? Key Levels to Watch
Currently, XRP is trading at $0.434. If the bulls regain control, the first minor resistance level to watch is $0.45, followed by a key resistance level at $0.50. Breaking through these levels could lead to a rally towards $0.70 or even $0.80.
For this upward movement to occur, XRP would need an increase in trading volume and buying pressure from both retail and institutional investors. Positive news from Ripple’s ongoing legal battle with the SEC could be a major catalyst. A favorable outcome, whether through a win or a settlement, would remove significant uncertainty surrounding XRP.
On the other hand, if the bears maintain control, the first support level to monitor is around $0.40, given that XRP recently bounced back from this level after a sharp selloff. If XRP falls below $0.40, it could decline further to the next support level at $0.3750.
Conclusion
The recent actions of crypto whales suggest a strategic accumulation of XRP during its price dip, indicating a potential market recovery. However, the future direction of XRP will largely depend on the outcome of Ripple’s legal proceedings and broader market conditions. Investors should closely monitor key resistance and support levels as the situation develops.
