1,300,000,000 XRP in 8 Hours: Whales Going Crazy

  • Massive rebalancing
  • XRP approaches overbought zone

Following a wave of whale transactions totaling more than 1.3 billion tokens in just eight hours, the XRP market is heating up, indicating an abrupt spike in institutional-scale activity. Whale Alert data reveals significant movements, including 700 million in XRP transfers between unidentified wallets being locked in escrow and two distinct 500 million XRP movements. 

Massive rebalancing

Since liquidity infusions and whale rebalancing typically occur prior to price swings, such actions are frequently preludes to significant volatility on the cryptocurrency market.

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XRP/USDT Chart by TradingView

After recently breaking several moving averages on the four-hour time frame, XRP is currently trading at about $2.98 on the charts. The short-term technical sentiment turned bullish as the token surged through the 50 EMA, 100 EMA and 200 EMA. The descending trendline that has served as a ceiling for weeks, located between $3.00 and $3.05, is the next significant resistance. If whales keep rotating or accumulating, a breakout above $3 might signal the start of a longer recovery period.

XRP approaches overbought zone

Volume has increased significantly during this move, indicating robust market participation as opposed to a bounce in low liquidity. With an RSI of 67, XRP appears to be approaching overbought territory, but there is still opportunity for it to rise before exhaustion levels are reached. The ability of the current whale-driven momentum to last into Uptober, which has historically been one of the most bullish months for the cryptocurrency market, will be closely monitored by traders.

The combination of technical breakout patterns, whale accumulation and new stablecoin liquidity presents a very erratic short-term picture for XRP. The combination of market structure and timing indicates that XRP may be about to regain $3.20 and higher, though some prudence is still advised, because strong whale movements can also indicate imminent distribution. At the moment, it is evident that whales are in charge of the game, and XRP’s ferocious eight-hour whale activity might be the catalyst for its next significant rally.

Source: https://u.today/1300000000-xrp-in-8-hours-whales-going-crazy