Following the XRP price rally, whales have begun liquidating their holdings at levels not seen since April 2024.
According to data from the firm Binance-hit-a-6-months-high?utm_source=twitter&utm_medium=sns&utm_campaign=quicktake&utm_content=maartunn&utm_term=xrpl” target=”_blank” rel=”noreferrer noopener”>CryptoQuantthe big investors made deposits in Bitcoin-criptomonedas/” target=”_blank” rel=”noreferrer noopener”>exchange Binance for 2.66 billion XRPthe equivalent of 6.48 billion dollars.
Crypto market analyst Maartunn explains that this is the highest amount of XRP “deposited by large holders since April 2024, showing a notable increase in activity among whales.”
As seen in the following graph, the blue bars reflect the volume of transfers to Binance by large investors of the Ripple currency, with a 30-day moving average (30MDA). The image also shows the three highest peaks and how the price of the asset has behaved during that period (blue line).
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XRP whale movements to Binance. Fountain: CryptoQuant
These movements generated downward pressure on the price of XRP, which fell below the $2 line, as seen in the following chart.
XRP quote in the last 7 days. Source: CoinMarketCap.
For the specialist, “whale deposits can often signal possible changes in strategy, since these players have significant amounts of assets at their disposal.”
The movement could be associated with possible sell-offswhich causes downward pressure on the asset’s price.
Optimism for the arrival of RLUSD
In any case, it is important to highlight that there is a bullish outlook for XRP due to the imminent launch of Ethereum/” target=”_blank” rel=”noreferrer noopener”>RLUSDthe stablecoin from Ripple Labs.
As CriptoNoticias already reported, the stable currency, which has 1:1 parity with the US dollar, was approved by the New York Department of Financial Services (NYDFS).
The news was confirmed by the CEO of the firm, Brad Garlinghousewho announced that RLUSD will soon be available on exchanges bitcoin (BTC) and cryptocurrencies.
In addition to the milestone it represents for the company, it is worth noting that RLUSD operates both in Ethereum like in XRP Ledgerwhich may increase demand for XRP, the native currency of that network.
The expectation is that RLUSD will increase transaction volume on XRP Ledger and, by extension, also increase demand for the asset for the payment of commissions. This will generate upward pressure on the price of the currency.
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