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XRP records highest whale activity ever
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Over the past 30 days, the price of XRP has soared 430%, reaching levels last seen in 2018. This increase surprised many traders who were in awe of the cryptocurrency‘s strength.
The appreciation, according to data from Coingecko, began in early November, after the Republican victory in the United States elections, which rekindled investor confidence in tokens linked to American companies, including Ripple Labs, associated with XRP.
Large holders of XRP, known as whales, play a crucial role in this movement. Data from CryptoQuant shows that whale activity has remained consistently high over the past month, surpassing any other period on record.
Whales can influence markets with their buying or selling pressure, and tracking these movements can indicate market sentiment.
XRP Whales
So, for example, if there is a large inflow of XRP into exchanges, it could suggest that whales are preparing to sell, signaling a bearish market trend.
Therefore, on the other hand, large outflows from exchanges could indicate that whales are accumulating XRP, which could be a sign of a bull market.
However, these whale movements tend to coincide with local peaks. Woominkyuan analyst at CryptoQuant, commented in a post on Monday that “historically, significant spikes in whale transactions to exchanges align closely with XRP price spikes.
Thus, this suggests that whales tend to move large amounts of XRP to exchanges to sell near local or cycle tops.”
He added that the latest spike in whale activity for exchanges coincides with XRP reaching a local price of around $2.3. “This could indicate that whales are preparing for potential profit-taking or increased activity in the market,” Woominkyu explained.
Furthermore, XRP recorded a 14% increase in the last 24 hours, outperforming Bitcoin and all other major cryptocurrencies, according to data from CoinDesk.
XRP records highest whale activity ever
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XRP records highest whale activity ever
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XRP records highest whale activity ever
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XRP records highest whale activity ever
