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Ripple’s native crypto, XRP, is still dealing with heavy selling pressure and printing red indexes all around. Data shows that <a href="https://news.todayq.com/whales-buy-2-mln-of-wif-tokens-is-bull-rally-ahead/" rel="noopener noreferrer nofollow">XRP whales</a> are dealing with this situation smartly by accumulating more and more tokens while it is struggling to keep up. Ripple’s token is not able to keep up 
As per the data provided by Whale Alert, the world’s largest crypto exchange, Binance, recorded a major XRP outflow in the last 24 hours. A total of 25.23 million XRP (approx worth $13.16 million) was transferred to an undisclosed address.
This sudden movement has sparked an abuzz within the community. However, exchange withdrawals are viewed favorably for crypto as it suggests that investors might be moving their holdings to secure personal wallets. It is important to note that the recipient address, “rfQ9” holds a history of receiving withdrawals from Binance over the years.
Whales accumulation move comes in when XRP is trying to keep up but not managing to print greens. XRP price dropped by 16% on the year to date (YTD) basis. While it has declined by 15% in the last 90 days.
The downward trajectory continues for the crypto as it has dropped by 2% over the last 30 days, while Bitcoin (BTC) and Ethereum (ETH) prices have surged by 9% and 21%, respectively.
XRP is trading at an average price of $0.52, at the press time. It is down by more than 86% from its all time high (ATH) of $3.84, recorded on Jan 4, 2018. Its 24 hour trading volume is up by 3% to stand at $1.04 billion. It is still holding a market cap of $29 billion deposit facing legal challenges from the US Securities and Exchange Commission (SEC). More decline ahead? 
The timing of this hefty withdrawal coincides with a critical juncture for XRP’s price. After a dip since May 21st, XRP has found support around $0.51. This level has historically acted as a springboard for price increases. Conversely, breaching this support has resulted in steeper declines.
For XRP enthusiasts, the question remains: does this withdrawal signal accumulating investors anticipating a price surge, or could it precede another downward trend?
Further muddying the waters, Ripple, the company behind XRP, recently executed a series of large XRP transactions. The prominent on-chain tracker Whale Alert flagged eight separate transfers totaling 3 billion XRP (roughly 5.4% of the circulating supply) and valued at $1.5 billion.

What’s happening with XRP? Are whales buying the dip or preparing to dump

Todayq News

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