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

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. 

See
more

????
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.

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image
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with
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