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Will 1.1 Billion XRP Start a Bull Rally? Beware of Whales for XRP Price!
The leading cryptocurrency Bitcoin (BTC) is struggling to hold above $30,000, and this is seriously affecting altcoins. XRP has fallen by 3.5% in the last 7 days, far away from the $ 0.48 resistance and retreated to $ 0.46. Meanwhile, every altcoin in the top 10 is painted red. However, the movements of whales during the decline seem particularly remarkable for XRP. Although XRP has been falling in the last 24 hours, it may be preparing for a very active week according to the movements of the whales.
XRP Whales Are Buying.
It seems that Ripple whales have purchased $570 million, or about 1.10 billion units of XRP, since last February. Earlier data revealed that whales received 360 million XRP in the period up to June, and just before that, the price had dropped by 12%. This shows that whales make their purchases as the price drops.
Mobility Increased for XRP Network
Although it is not known what price the XRP whales are targeting at the moment, the price has been decreasing since February and the whales increase their purchases as the price drops. Messari also drew attention to the purchases of XRP whales during the second quarter and emphasized that it was an extraordinary activity. The XRP network has been experiencing remarkable activity recently, with 523,000 addresses performing at least one transaction as of May 28, 2023. This is 11 times higher than the average of the second quarter and all signals point to serious activity for XRP. The most important signals of this are that the whales are buying silently and the amount of buying increases as the XRP price drops.
XRP price, however, failed to break the $0.48 resistance and the expectation for the $0.48 level continues. Another development that gets XRP investors excited is known as the Ripple and SEC lawsuit. The lawsuit filed by the SEC is expected to conclude soon, which could cause incredible volatility for the XRP price.
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