On May 9, the an alert of the blockchain surveillance company identified A massive transfer of 29,532,534 XRP, worth $ 69,536,183, at the head of exchange crypto based in the United States.
This large transaction has raised the eyebrows because it coincides with the management of the undergoing bull's market, which prompted investors to closely monitor the activities on the channel.
Have the whales already poured?
According to data, the massive transfer was executed by an unknown portfolio address in a single transaction, suggesting a possible attempt to sell.
Although the exact reason behind the transaction is not clear, it has aroused concerns within the XRP community, especially since it aligns itself with a period of bullish momentum for the token.
Despite the transfer, XRP continues to present solid bruise indicators. In the past 24 hours, CoinmarketCap data shows that XRP experienced a daily increase of 3%, after a gain of 8% the day before. At the time of the press, XRP is traded at $ 2.35.
In addition to the rise in prices, XRP also recorded a 60.35% increase in the volume of trade, reflecting increased activity among retail and institutional merchants.
While large transfers to exchanges are often associated with the intention to sell, this specific transfer to the XRP community wondering if the whales begin to make profits after the recent Bull Run.
What is the following for XRP?
The current XRP prices of positive prices has fueled the optimism of investors, with expectations that the token could soon reach the $ 3 mark. In the longer term, some believe that XRP could reach a new top of all time (ATH) before the start of the following bear cycle.
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However, if major holders are starting to sell assets, this could block the bullish XRP trajectory. The benefit of whales can lead to an increase in supply, exceed demand and potentially reduce prices.
Such actions could also trigger the sale of panic among smaller and less experienced investors, resulting in new downward pressure on the price of the token.
