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XRP has experienced a significant surge in whale activity recently, with a massive withdrawal of $51,849,820 worth of XRP from a major crypto exchange. This sudden and substantial move has left investors wondering what could be driving this unusual behavior.
According to our data, the XRP/USD pair is currently trading at 2.57, below the daily moving average of 50 at $2.72. This significant deviation may be an indication that large players are not comfortable holding onto their XRP positions, leading them to withdraw their funds from the exchange.
While XRP has been consolidating sideways since February 3rd, a break above $2.83 or below $2.30 would likely determine its future direction. As we’ve seen in recent history, any such breaks have significant implications for the overall market.
The flat RSI slightly below the midpoint also suggests that XRP may continue to trade within the symmetrical triangle for some time before making a decisive move. Any attempt by whales to push the price above or below these levels could potentially trigger a large scale short squeeze, sending XRP shooting up to $3.40 or plummeting down to $1.90.
In related news, the SEC’s recent acknowledgment of more XRP ETF applications has sparked renewed interest in the altcoin’s prospects for growth in 2025. As this news continues to develop, it will be crucial to monitor liquidity levels at both demand and supply zones to gauge the market’s sentiment.
At present, there is a significant imbalance between these two forces, making it difficult to predict the next course of action. However, we can expect some sort of correction or reversal once one side gains control.
For now, XRP’s short-term outlook remains uncertain.
Source: https://u.today/xrp-whale-alert-51849820-xrp-withdrawn-from-major-crypto-exchange
