TL;DR
- Ripple whales have reversed their investment strategy by offloading over 60 million tokens within the span of just three days.
- XRP’s price went on the offensive earlier today, but it was stopped at over $2.4 and pushed south by roughly 5%.
The 60 million tokens offloaded by large Ripple investors equal roughly $140 million, according to current prices. While this doesn’t sound like a big number when we are talking about a cryptocurrency with a market cap of almost $140 billion, the relatively small timeframe of just 72 hours is what’s more worrying.
Additionally, it showcases a highly different investment strategy for whales. Recall that these market participants, who have the ability to impact market prices with large sales or purchases, went on a massive accumulation spree in April, adding over 900 million tokens.
The revelation today coincided with an intriguing price move by XRP. The fourth-largest cryptocurrency started to gain traction alongside the rally in the rest of the market, in which BTC skyrocketed to a new all-time high, and surged from $2.34 to a multi-day peak of almost $2.44.
However, it faced an immediate and violent rejection at that point and was pushed south to the starting level within hours. As of now, XRP is back to around $2.35, which is just above a crucial support line ($2.3) that many believe could make or break the asset’s short- to medium-term price movements.
