Bullish trend unsettled as massive XRP whale withdrawal triggers concerns of sell-off.
- admin_hrv2xlob
- March 21, 2024
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XRP Witnesses Significant Withdrawal from Binance Amidst Bullish Sentiment
In the wake of the recent ruling that deemed XRP not a security in its case against the SEC, the digital currency has been enjoying a surge in positive sentiment. However, there are speculations of a possible sell-off within the XRP community as recent data from Lookonchain reveals a considerable withdrawal of XRP tokens from Binance, the largest crypto exchange in the world.
The data indicates that over 563,571 XRP tokens, worth over $462,000, were withdrawn from Binance. The exact reason behind this significant withdrawal remains uncertain, leading to speculations of potential liquidation. In total, the crypto whale responsible for this maneuver has moved around two million XRP tokens from Binance, with an estimated value of $1.66 million. The average withdrawal price per token was $0.51, resulting in an unrealized profit of approximately $640,000 for the whale.
Despite these withdrawal activities, XRP remains confident and continues to show bullish tendencies in its daily and weekly charts. At the time of writing, the token is valued at $0.8149, representing a 2.4% increase in the last day. There are indications that XRP’s trajectory may challenge its local peak and potentially rise to the $0.938 range, which would mark a significant 15% surge.
The Relative Strength Index (RSI), a key momentum indicator, currently stands at 77 and continues to climb, suggesting a further increase in XRP’s momentum. As long as the RSI remains above 70, there is a potential for strong buying momentum and further gains.
However, there is a flip side to this scenario. If whales decide to engage in a withdrawal purge, it could temporarily decrease the value of XRP, causing a retraction to the $0.697 range before embarking on another upward journey.
Overall, XRP is experiencing both positive and uncertain movements in the market. While the recent withdrawal from Binance raises questions about potential liquidation, the token’s bullish charts and strong momentum indicate the possibility of further gains. Traders and investors will closely monitor XRP’s performance in the coming days to ascertain the direction of its price movement.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. It is always recommended to conduct thorough research and analysis before making any investment decisions.