XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Deep-pocketed XRP investor’s recent buying frenzy has caused waves (pun meant) across the bitcoin community. With an apparently insatiable XRP hunger, this whale has scooped up almost 27 million coins, fueling rumours of a possible price explosion. Still, the general state of the market is unclear, which leaves investors negotiating a sea of contradicting signals.

XRP Whales Bet Big On Coin’s Future

Whale Alert, the on-chain transaction tracker, recorded a notable purchase by a known XRP whale. Identified by a mysterious wallet address, this investor sucked out 27.74 million XRP from Binance. Valued at around $13 million, this large buy adds to an increasing collection by the same whale, who has been gathering XRP during recent market declines.

Many times, this aggressive purchasing behaviour is taken as a positive indication. Whales are thought to have a long-term perspective and a sharp awareness of the market given their great resources. Their eagerness to make large XRP investments—even during a gloomy phase—indicates faith in the asset’s future expansion ability.

XRP price action in the last week. Source: CoinMarketCap

Technical Indicators Paint A Sunny Picture

Recent technical study projecting a 20% price rise for XRP by July 15th fuels the hopeful fire. Although it is not a guarantee, this projection offers investors looking for a return on their XRP hope. Having a low price volatility and a high percentage of positive days over the previous month, XRP has also shown relative stability when compared to other cryptocurrencies.

XRP market cap currently at $26.6 billion. Chart: TradingView.com

On closer inspection, though, one finds some storm clouds on approach. Measuring investor mood, the Fear & Greed Index finds present alarming “extreme greed.” This implies the market may be overbought, which would cause a fall if investors sell their gains.

XRP: On Legal Battles And Conflicting Market Signals

Moreover, XRP is still long shadowed by the continuous case Ripple is suing the SEC. The result of this legal struggle could have a major effect on the price, so any forecasts are naturally dubious.

Technical analysts see a perplexing picture from XRP’s recent price behaviour. Positively, Futures Open Interest (OI) and derivatives volume show a notable rise indicating increasing investor involvement. One could read this as evidence of bets taken in expectation of a price increase accumulating.

The oversold RSI reading now lingering close to 35 challenges the positive story, though. This implies in conventional technical analysis that the asset might be due for a correction, hence perhaps contradicting the expected price rise.

The present state of XRP is a typical example of contradicting signals. While the Fear & Greed Index and the SEC lawsuit present a more wary image, the whale’s purchasing frenzy and the technical analysis present a positive story.

Featured image from Human Services-UC Davis, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.