What’s happening with XRP? Are whales buying the dip or preparing to dump 📈

Ripple’s native crypto, XRP, is facing significant selling pressure, with its price declining consistently. Despite this, data shows that large XRP holders, or "whales," are accumulating more tokens during this downturn. According to Whale Alert, Binance saw a major outflow of 25.23 million XRP (worth about $13.16 million) to an undisclosed address.

This movement suggests investors might be transferring their holdings to secure personal wallets. The recipient address, "rfQ9," has a history of receiving large withdrawals from Binance. This comes as XRP's price has dropped 16% year-to-date and 15% in the last 90 days. Over the past 30 days, XRP has fallen another 2%, while Bitcoin and Ethereum have risen 9% and 21%, respectively.

Currently trading at $0.52, XRP is down over 86% from its all-time high of $3.84 in January 2018. Its 24-hour trading volume has increased by 3% to $1.04 billion, with a market cap of $29 billion, despite ongoing legal challenges from the SEC.

The timing of the large withdrawal is critical as XRP has found support around $0.51, a historical springboard for price increases. However, breaching this level could lead to further declines. Recently, Ripple executed transactions totaling 3 billion XRP (about 5.4% of the circulating supply), valued at $1.5 billion, further impacting market sentiment.

The key question remains whether this accumulation signals a potential price surge or foreshadows another downturn.

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