Ripple Price to Pump After Whale Withdraws More Than $10 Million XRP From Binance?
Ripple whale accumulates, as XRP price hovers around $0.5. Can it start a new rally?
Key Takeaways
- A major player withdrew $10.6 million worth of XRP from Binance to their private wallet.
- This sort of thing often indicates a price boost is on the way.
- Will Ripple climb now, or is this a false alarm?
According to Whale Alert, one Ripple whale has withdrawn $10.6 million worth of XRP from Binance into their private wallet. This activity usually represents a bullish sentiment hinting at accumulative behavior.
With the price of Ripple hovering around $0.50 for the 12 days, was this calm period used by larger investors to accumulate the token before it started to rise in value?
Whale Accumulates Ripple
As per Whale Alert , one investor transferred 20,285,592 in XRP worth $10,654,792 at the current price of $0.52 from Binance into his private wallet.
This behavior underscored a bullish sentiment toward this development and could lead retail investors to follow.
Ripple (XRP) Hovering at $0.50
XRP has been in a downward trend since its last macro high of $0.73 on March 11. On April 13 it fell to a low of $0.42, dipping below its ascending baseline support. A recovery follows with the price regaining values above $0.50, around which it is still hovering.
As the daily chart RSI and MACD suggested, we could have seen the completion of this previous downtrend on April 13, meaning that the recovery from there could be a new starting uptrend.
However, further confirmation is needed before believing so. The first confirmation would come as a breakout above the descending resistance. We saw an attempt to surpass this descending resistance on April 22, when the price came up to $0.57. However, Ripple was unable to break out. This is why hovering around $0.50 could be bullish, because the previous rejection would have caused a larger drop if the price was still in its major downtrend.
If this breakout happens, that would signal a new bull phase for XRP. If that is the case, we could expect to see a lasting journey to $1 and even beyond.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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