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XRP whale transactions hint at a possible correction: CryptoQuant - Analytics

- According to CryptoQuant, large holders of XRP have become more active in transferring funds to exchanges.

According to Julio Moreno, head of research at CryptoQuant, this could be a turning point for the price.

#XRP has fallen since the whale influx in July.

Julio Moreno of CryptoQuant believes that the price of XRP may experience short-term pressure as the largest holders of the asset increasingly withdraw funds from exchanges.

a sharp increase in the flow of whales to exchanges could signal a price reversal, as large holders are probably preparing to sell, he told Decrypt.

According to CryptoQuant, the 30-day moving average of XRP inflows from whales to exchanges #rose to 260 million on Thursday, up from 141 million in early July. This was first reported by an anonymous analyst at The Enigma Trader.

Whale activity can strongly influence market sentiment, and the price of XRP had already fallen in July after significant inflows from whales, Moreno added.

According to CoinGecko, XRP rose 9.7 percent to $ 3.29 on Thursday. The asset rose to $ 3.65 last month, a new all-time high in seven years.

On the same day, July 18, XRP whales transferred 660 million tokens to exchanges. The following week, the token price dropped to $ 3.

Moreno notes that while the increased influx of funds into exchanges by large XRP holders may indicate a bearish trend, it works both ways, and there are recent examples.

the rise in the price of XRP last year after the re-election of US President Donald Trump also coincided with a decline in exchange holdings, especially on #cryptocurrency exchange Upbit, one of the largest exchanges for XRP, he explained.

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