Huge XRP Whale Withdrawal Sparks Fears of Sell-Off As Coin Remains Bullish

Following the recent ruling that XRP is not a security in its infamous case against the SEC, the digital currency has been basking in a decidedly bullish sentiment. Amidst this fervor, recent data from Lookonchain has unveiled a considerable withdrawal of XRP tokens from Binance, the world’s largest crypto exchange. This has stirred speculation of a possible sell-off among the XRP community.

The Binance Withdrawal – Details

The details of this financial maneuver reveal that a staggering sum of over 563,571 XRP tokens, with a value exceeding $462,000, was taken out from Binance. The exact intentions behind this substantial withdrawal are shrouded in uncertainty, leading to rising conjectures of potential liquidation.

In total, this crypto whale has moved around two million XRP tokens from Binance, valued at an estimated $1.66 million. The data shared indicates an average withdrawal price of $0.51 per token, leaving the whale with an unrealized profit close to $640,000.

XRP Keeps Riding the Bull

Despite these unsettling movements, XRP remains confident, showing bullish tendencies in its daily and weekly charts. At the time of writing this article, the token is valued at $0.8149, marking a 2.4% rise in the last day.

The digital coin’s trajectory appears set to challenge and possibly overcome its local peak. An influx of buying pressure could solidify this upward stride, paving the way for a potential ascent to the $0.938 range high. This leap would represent a notable 15% surge.

The Relative Strength Index (RSI), a key indicator of momentum, stands at 77 and continues to climb, suggesting an increase in XRP’s momentum. As long as the RSI remains on the rise, even above 70, it signifies the potential for further gains, driven by strong buying momentum.

However, there’s a flip side to this scenario. If whales decide to go on a withdrawal purge, that could trigger a temporary dip in XRP’s value, with the possibility of a retraction to the $0.697 range before making another northbound journey.