XRP Witness Major Whale Withdrawal, As Price Exceeds $0.50

Large-scale withdrawals from prominent cryptocurrency exchanges have caused significant market activity for Ripple’s XRP, coinciding with a price spike above the $0.50 threshold.  These obstacles, the most recent price increase, indicate that investors are becoming more optimistic about Ripple’s future.

Blockchain analytics companies have documented significant XRP withdrawals from well-known cryptocurrency exchanges concurrent with the price increase. XRP has maintained its position as a utility token and has been used as the transaction coin on Ripple’s protocol.

It has also managed to build a scarcity system despite its vast supply. The burn and fees feature has persisted amid its huge supply. As of press time, XRP currently trades at 5.3% of its total supply in 24 hours, leaving only 55% of the coin in circulation.

The remnant are reserved for the experiment of interbank transactions and the long-term growth of the Ripple platform. Some of the whales’ transactions were done through the Binance platform, valued at almost $20 million. 

Data Dictates Million of XRP Transfers, Top Cryptocurrencies Imitates Same Pattern 

Data from Whale Alert indicates that several transfers totalling millions of XRP tokens have been seen in the last few days. These transactions have removed hundreds of millions of dollars worth of XRP from exchanges.

The timing of these significant withdrawals has given rise to several theories regarding the underlying causes and possible consequences. According to some observers, the whale activity indicates an optimistic mindset as big investors prepare themselves for future price increases.

These investors may be attempting to hold onto their XRP long-term, hoping its value would rise dramatically by transferring assets off exchanges. Some speculate that the withdrawals might have something to do with the ongoing events in Ripple’s lawsuit. Other prominent cryptocurrencies, including Bitcoin and Ethereum, exhibit similar patterns, with notable price fluctuations and whale activity.

XRP to Make a Turnover Back to it’s Previous Price 

There has been a call in recent times for XRP turnover, which is back to its previous activities and market price around March and April. The XRP maintained a higher price than today, revolving around $0.60 and $0.70. The market has constantly assured traders that Ripple is intending to sell it’s holdings any soon as stipulated by most analysts.

According to the most recent available data, there has been an accelerated coin turnover of 5.56% of its total supply. Whale activities are accelerating the pace, with some of them explaining the reasons behind their actions.

Some of the statements from most whales have cryptic messages infused in them. Most of them suggest that XRP will still tend to go bullish in the future. A sign of upward action in the price has been dictated in the coin and is currently linked to the “Ripple Army” activities on social media platforms.

Market Watchers Forecast Price As XRP Emerges Best Staking Coin

Whales have also warmed that the rally in July may be temporary, as XRP has taken too much time to break out, thereby playing a major role in boosting the coin’s long-term position. A sharp market correction is expected, and the prolonged market positions will be immediately cleaned up.

Long positions consist of 64% of all major exchange positions, suggesting that the present price of XRP is dangerous to be attacked. The coin’s prices have dropped to $0.53, leading to over $300,000 in the last 24 hours.

Price watchers have predicted an extreme drop to $0.28 in the price in the face of a sharp correction. Industry experts explained that the expected drop results from the XRP’s continued drop in popularity and usage.

The coin has been ranked the most staked coin, and Kraken and Binance have emerged as the most staking platforms with the highest XRP stakes. Kraken offers the most considerable staking earnings, with 25% annual earnings. Bitrue has also joined the group with about 7% Annual Percentage Yield (APY) with a maximum lock-up period of seven days.