Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance

Scott Matherson

11 months ago

3 mins read

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XRP is starting to recover after bouncing off $0.405 on July 5, suggesting the early stages of a rebound may be brewing. The crypto market has been volatile lately, and XRP hasn’t been spared. The crypto’s price took a dip recently, dropping below $0.40 for the first time in over a year. It is interesting to note that on-chain data suggests that some whales may be accumulating in anticipation of a major comeback, which may even be responsible for the bounce off of $0.40.

XRP Whales Buying The Dip?

Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be taking advantage of the dip to accumulate more tokens. Particularly, recent transaction alerts from Whale Alerts on social media platform X noted a recent transfer of 52.1 million XRP tokens worth $22.7 million from crypto exchange Binance into an unknown wallet.

The details of this $22 million XRP transaction are pretty fascinating and transfers like this are worth paying attention to as they can either increase or decrease buying and selling pressure. In this case, the movement away from Binance suggests a decrease in selling pressure on the exchange.

🚨 52,103,936 #XRP (22,713,495 USD) transferred from #Binance to unknown wallethttps://t.co/7TUiD49tYb

— Whale Alert (@whale_alert) July 9, 2024

Interestingly, on-chain data shows that this wasn’t an isolated transaction. Data shows a similar transaction occurred over the weekend, which saw the movement of 31.9 million XRP tokens from Binance into an unknown wallet. At the time of transfer, these tokens were worth $14.22 million. Furthermore, the blockchain analytics engine Blockchain also revealed the transfer of 10 million XRP tokens worth $4.2 million from Binance into another unknown wallet.

What’s Next? Key Levels To Watch

At the time of writing, XRP is trading at $0.434. If the bulls regain control, the first minor resistance is at $0.45 and the next key resistance level to watch is around $0.50. Punching through that could open the floodgates for a rally towards $0.70 or even the $0.80 mark.

To fuel that kind of upside, XRP would need to see a surge in trading volume and buying pressure from both retail and institutional investors. Positive news from Ripple’s ongoing legal battle with the SEC could be a major catalyst. An outright win or settlement would remove a huge cloud of uncertainty hanging over XRP.

On the flip side, if the bears maintain their grip, the first support level to watch is around $0.40. This is because XRP recently bounced off $0.40 after an intense selloff last week. A break below that could see XRP tumble towards another support at $0.3750.

XRP price chart from Tradingview.com — Token price struggles to maintain $0.45 support | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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