Key takeaways:
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Last month, XRP whales were offloading 640 million tokens, or $ 1.91 billion.
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The difference is the bearish of the chart’s clues to the weakening of the momentum.
XRP (XRP) Onchain data shows its largest holder quietly uploaded their tokens for almost a month, with analysts pointing at the risks of a 30% crashing in the coming days.
Wallets of whale fall 640 million XRP
Since July 9, XRP whales Cryptoquant.
At current prices, the total amount of these flows exceeds $ 1.91 billion. Most of the distribution occurred while exchanged by the XRP between $ 2.28 and $ 3.54.
That is the second time that whales this year distributes this year during price rallies.
Related: $ 3 price at risk? Why XRP is one of the worst performers this week
Between November and January, they aggressively reduced exposure even though the XRP advanced from $ 1.65 to $ 3.27, indicating that retail demand was likely to absorb most of the sale pressure.
Not all flowers need to be translated into actual sale, however. Are some of the XRP whale activity may reflect internal reshuffling.
However, there is an opposite pattern. For example, whale recovery flows between January and April aligned with the Correction of XRP from $ 3.27 to less than $ 1.87, indicating that large investors have accumulated in the market weakness.
Like Thursday, the whale flow showed signs of moderate recovery.
Enigma entrepreneur, an analyst associated with the cryptoquant, however, Says XRP market can remain structurally weak unless whale addresses add 5 million XRP or more on the coming days, adding
“Currently, there is no sign of the same accumulation from large holders, a key ingredient for a constructive recurrence.”
XRP must be handled above $ 2.65 or risk 30% crashing
XRP should be handled above The area of $ 2.65-supportOr this risk of crashing towards $ 2, shows a growing difference -different between increasing prices and momentum collapse on the weekly chart.
XRP price printed higher in recent weeks, while it Relative Strength Index (RSI) has produced lower ones since January.
The difference -reflects the weakening of the reversed momentum, even though the price is pushing higher, similar to what happened at the top of the April 2021 market.
The volume also disappears with recent pushing, strengthening the momentum fatigue signal.
The ongoing XRP correction can push the price to the 20-week EMA near $ 2.55, which is in support of $ 2.65.
A break below this range increases the risk of a deeper collapse in the 50-week EMA to $ 2.06, a major level of means-reversion after over rally.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
