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$XRP whales have made notable transactions amid a notable price dip. However, these $XRP transfers are expected to give a boost to the price as it is a major bullish development for the coin. Whale tracking service Whale Alert has notified the community of two notable transactions earlier today.
According to the details, a whale transferred 22 million $XRP from South Korean crypto exchange Upbit to an unknown wallet. It is estimated to be worth around $12 million based on the current price of the coin. The second transfer occurred almost four hours later.
This time, the $XRP whale sent almost 24.85 million $XRP coins from crypto trading platform Binance to another unknown wallet. This transfer is worth around $13.7 million. Collectively, over 46 million $XRP tokens were transferred, estimated to be worth around $25 million.
The most notable aspect is that these transfers are potential acquisitions of $XRP coins. Crypto whales typically buy crypto from exchanges and then hold them in their private wallets. In this case, these $XRP whales have bought a major amount of coins. They appear to be buying the dips, which will eventually be a bullish signal.
$XRP price struggles amid whale movements
As of this publication, the price of $XRP is trading at $0.5473, after a decrease of 4.37% over the last 24 hours. Moreover, the 24-hour trading volume of the coin is down 41.40% to $2.26 billion. This shows that the $XRP price has struggled today as it failed to sustain the recent bullish momentum.
Notably, the price of the coin is down 17.31% over the past week. This means that $XRP faced severe resistance at the $0.6329 level, and it failed to clear this price zone. Meanwhile, the RSI of $XRP is at 58.0282. It shows that the coin is currently in a neutral zone, indicating there is no bearish pressure. Moreover, the recent whale accumulation will inject further bullish momentum into the market.