On the notion that huge whales are shifting funds to exchanges to sell, XRP is currently witnessing a bearish sell-off.
This pattern was discovered by crypto data insights provider Whale Alert, who observed three consecutive transfers involving 100,000,000 XRP launched internally from Ripple Labs, 23,400,000 XRP, and 24,700,00 XRP sent to Bitstamp and Bitso, respectively.
🚨 🚨 🚨 100,000,000 #XRP (66,074,002 USD) transferred from unknown wallet to unknown wallethttps://t.co/iYD14bUBqg
— Whale Alert (@whale_alert) November 9, 2023
While the actual reason for these transactions is unknown, they generally highlight how ripe XRP is for profit-taking, which explains the migration of the last two to trading platforms. According to the reason, XRP has been on a recent rampage, with its price rising as much as 30.12% in the last month.
Read Also: Ripple CEO, Brad Garlinghouse, Ready To Fight SEC In Supreme Court
XRP reached a high of $0.72, its highest level since July, when Judge Analisa Torres ruled in a landmark decision that its programmatic sales on secondary marketplaces do not constitute a security.
With the massive run, most long-term XRP holders felt compelled to eke out some gains as recompense for their arduous HODLing experience due to the SEC case.
At the time of writing, XRP is trading at $0.6514, down 6.55% in the previous 24 hours.
XRP Is About to Recover
Despite the prospect of a sell-off by large XRP whales and the resulting price drop, optimism for an impending recovery is high. This is due to the fact that the major triggers that fuelled the earlier surge in the year are still substantially there, and as such, will play a part in redefining investor excitement in the coming days.
Aside from the recent court victory for XRP, Ripple Labs, and the company’s management, advancements on the XRPL are worth watching since they bring real-world utility that can successfully boost demand for XRP in the long run.
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