Whale Movements of XRP Suggest Supply Tightening: Is $4 Next?

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In the past month, XRP has experienced a significant rise, with a price increase of 148.54%. However, its momentum has slowed, seemingly entering an accumulation phase.

This period of consolidation has led to a relatively lackluster price trend, resulting in a weekly decline of 2.43% and a daily decline of 0.93%.

AMBCrypto's analysis highlights the possibility of a price recovery, but depending on market conditions, this process may face delays.

Whales Trigger XRP Market Shift

According to Whale Alert, a large amount of XRP has flowed out of Binance, one of the largest cryptocurrency exchanges, in the past 24 hours.

Tracking data shows that 800,000 XRP (worth $1,927,321,529 at the time of writing) has been transferred out of the exchange.

Such large-scale outflows typically indicate bullish market sentiment.

Investors moving significant holdings from exchanges to private wallets often suggest they prefer to hold rather than sell, as private wallets are less commonly used for trading.

This trend indicates that whales are preparing for potential long-term gains.

If this outflow continues, it could lead to supply tightening, thereby reducing the liquidity of XRP on exchanges and potentially driving up its price.

XRP Remains in Accumulation Phase, with Prices Fluctuating Within a Range Over the Past Few Weeks.

XRP Could Reach $4 After Accumulation

Recent whale-driven supply tightening indicates the potential for a breakout in this phase. If a breakout occurs, XRP could rise by 66.44%, reaching around $4.

Technically speaking, this accumulation phase is referred to as a symmetrical triangle, where trading occurs back and forth between support and resistance levels that are converging.

If a breakout does not occur, XRP may remain in the accumulation phase, trading sideways with no significant price movements, noticeable increases, or sharp declines until this phase concludes.

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