While the XRP price is on a stable trend, notable moves by major players in the crypto market may change the current balances.
The overall crypto market has seen a recovery following the recent interest rate cuts by the US Federal Reserve (Fed). This positive sentiment has prompted XRP whales to take action to push prices to new highs.
According to data from CryptoQuant, 252 million XRP was withdrawn from exchanges on September 23, reaching a market value of approximately $147 million. This represents a significant outflow in a single day and suggests that whales are in the process of intense accumulation.
Usually, these large investors purchase XRP from leading cryptocurrency exchanges and then transfer these assets to their private wallets. These investors, who prefer to invest for the long term, keep the coins in their private wallets and do not plan to sell in the short term. Such exchange exits are expected to have positive effects in the long term.
Possible Effects on XRP Price
This continuous accumulation of whales could trigger a bullish period in price movements. This cryptocurrency, which is affiliated with Ripple Labs, needs the support of its large holders.
At the time of writing, XRP is trading at $0.5845, down 1.1% in the last 24 hours, with trading volume down 16.50% to $1.07 billion. With the sideways movement continuing, increased buying activity could have a positive impact on the price in the near future. Currently, XRP is facing a strong resistance level at $0.61.
This resistance level needs to be broken for a sustainable uptrend. The entry of whales into the market could allow XRP to potentially trigger a rally in the coming weeks.
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