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Are the Whales Moving on XRP?

Seventy-four million XRP tokens have just been moved into three wallets, making cryptocurrency analysts think that the crypto whales have plans for Ripple’s coin.

Ripple

A total of $12 million USD was transferred in a few transactions to just three wallets, which from the outside looks like whale hoarding. The coins are going to wallets whose owners have not been disclosed, so for now, the owners are trying to stay incognito. It is not known at present whether these are first-time investors or if they are traders who already have lots of XRP in their wallets.

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The Ripple token XRP is down right now, having dropped 1.33% over the last 24 hours. Trade volume is way up, though, gaining 93% in the same period. It is very possible we will see XRP break out in the next day or two as a result.

What we have seen from this token over the past week is very similar to the way Bitcoin (BTC) has been moving. That is a decrease of just over 5% in seven days, marking a slow and steady bear trend. Looking at XRP over the past month, though, it appears that the coin is flattening out and stabilizing after a sharp drop in the middle of April.

Could This Be the Start of a Breakout?

XRP may be gearing up to swing upward very quickly. Today’s price marks the lowest it has been in a week, so this could be the right time to buy, while the rate is low. However, continued high inflation will keep XRP from going too high. If it does break out, the token might move past $0.60, but we do not expect it to move much higher than that.

XRP is bearish right now along with the rest of the crypto market, with a price of $0.5141 (XRP/USD).

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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