XRP Whales Withdraw $231M Amid $28M ETF Inflows
XRP's recent price action has left market participants wondering if it marks the beginning of a broader sell-off or a consolidation phase before the next leg higher.
The cryptocurrency rose sharply by 53% in the past week, closing at $1.50, but this week saw a 7% pullback, pushing the price back toward $1.40.
A closer look at the chart reveals several potential warning signs, with XRP being one of the few major cryptoassets to record a loss this week, while others like Solana have already recorded gains of over 6%.
The recent whale activity around XRP has split the market, with some arguing that the large sell-off is just another market manipulation attempt by whales, while others believe it's consistent with accumulation.
A key factor in determining whether XRP breaks $1.5 could be the latest whale move spotted by CryptoQuant, where 231 million XRP was withdrawn from Binance to another address in one transaction, constituting the largest withdrawal in six months.