Key Points:
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XRP Whale has unloaded 640 million tokens, or $1.91 billion, over the past month.
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The bearish difference in bearish charts suggests weak momentum.
xrp(XRP)OnChain data shows that its largest holder has quietly uninstalled its tokens for nearly a month, with analysts pointing to the risk of crashes in the coming days.
Whale Wallets dropped by 640 million XRP
According to OnChain Data Resource encryption.
At current prices, the total value of these outflows is over $1.91 billion. Most of the distribution occurs between $2.28 and $3.54 in XRP transactions.
This is the second time whales were distributed during the price rally last year.
Related: Risk price of $3? Why XRP is one of the worst performers this week
Between November and January, even if XRP soared from $1.65 to $3.27, they would actively reduce risks, meaning retail demand may have absorbed a lot of selling pressure.
However, not all outflows will necessarily translate into actual sales. Some XRP Whale Activities It can reflect internal reorganization.
However, there does seem to be a reverse mode. For example, the recovery of whales flow between January and April was consistent with the correction of XRP from $3.27 to as low as $1.87, suggesting that big investors have accumulated in the weak market.
As of Thursday, whales’ traffic showed signs of moderate recovery.
Mystery trader, an analyst with crypto-related volumes, explain Unless the whale address adds 5 million XRP in the next few days, the XRP market may remain structurally weak
“At present, there is no indication that the accumulation of large holders has always been a key component of constructive trend reversal.”
XRP must hold a crash above $2.65 or at a risk of 30%
XRP must be kept on $2.65 support zoneor there may be a risk of falling into $2, which is increasingly different between rising prices and declining momentum on the weekly chart.
XRP price has printed higher highs in recent weeks, and it Relative Strength Index (RSI) Highs since January.
The difference reflects the weak momentum of the upward momentum, even if the price increases, similar to what happened at the market top in April 2021.
In recent pushes, volume has also gradually disappeared, enhancing momentum depletion signals.
Continuous corrections in XRP could push the price toward a 20-week EMA, close to $2.55, consistent with $2.65 support.
Rests below this range will drop deeper rates to a 50-week EMA at a risk of $2.06, a key mean reversal level after overheated gatherings.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
