XRP Whales Dump Over $700 Million Worth of Tokens in April
XRP whales are making headlines this month due to a significant sell-off. Key points include:
- Whales have offloaded over 370 million XRP, valued at more than $700 million, since April began.
- This sell-off follows a period of substantial accumulation by these investors.
- The dumping aligns with recent price fluctuations, influencing market dynamics.
- From April 3 to 14, wallets holding between 100 million to 1 billion tokens significantly reduced their holdings.
- XRP's price dropped to lows around April 8 but has since climbed to approximately $2.1.
- Possible motives for the sell-off include profit-taking, responding to market volatility, or preparing for the outcome of the Ripple vs. SEC case.
- Concerns about potential market manipulation may also be relevant.
In terms of price action, analyst Andrew Griffiths notes a bullish trend for XRP. Current analysis shows:
- XRP has surpassed two key resistance levels and established solid support, indicating potential upward movement.
- A predicted gain of over 20% could see XRP rise from $2.10 to approximately $2.589.
- Longer-term projections suggest that XRP could climb as high as $3.3 based on current patterns.
