XRP Bearish Signal: Whales Offload $486 Million In Asset

On-chain data shows the XRP whales have participated in major distribution over the past two weeks, a sign that can be bearish for the asset’s ￰0￱ Whales Have Sold 160 Million Tokens Recently In a new post on X, analyst Ali Martinez has talked about the latest move from the XRP ￰1￱ analyst has cited Santiment’s Supply Distribution indicator, which measures the total amount of the asset’s supply that a given wallet group as a whole is holding right ￰2￱ are defined as addresses carrying between 1 million and 10 million tokens of the ￰3￱ the current exchange rate, the range converts to about $2.99 million at the lower end and $29.9 million at the upper end.

Thus, only the market participants with a substantial amount of capital fall in this ￰4￱ Reading: Analyst Sets Bold $1,314 Target For Solana After Cup-And-Handle Breakout These large investors can carry some degree of influence in the market, so their movements can be worth keeping an eye ￰5￱ way to do so is through the Supply Distribution. Now, here is the chart shared by the analyst that shows the trend in the Supply Distribution of the 1 million to 10 million XRP group over the last few months: As displayed in the above graph, the XRP whales took their supply to a high earlier in the month, but since then, these holders have participated in selling.

Interestingly, most of this distribution came as the asset’s rally to the $3.1 level took ￰6￱ timing would imply that the whales were using the price surge as an opportunity to take profits and exit from the ￰7￱ total, these humongous entities have offloaded 160 million tokens of the cryptocurrency over the last couple of weeks, worth a whopping $486 million right ￰8￱ coin has declined since its high, and if selling from the whales continues, it’s possible that the drawdown may ￰9￱ a technical perspective, however, XRP may actually be near a rebound, as Martinez has pointed out in another X ￰10￱ Reading: Litecoin Surges As Whales Scoop Up 181,000 LTC The reason is that the Tom Demark (TD) Sequential has just given a reversal signal for the ￰11￱ TD Sequential is an indicator that counts up candles of the same color in an asset’s price chart to identify points of trend ￰12￱ nine candles are in, it signals that the earlier trend is over and a reversal may be about to ￰13￱ the above chart, it’s visible that XRP has formed a TD Sequential signal with nine red candles on its 4-hour chart, suggesting a bullish turnaround could potentially take place ￰14￱ Price At the time of writing, XRP is floating around $3.02, down almost 1% over the last 24 ￰15￱ image from Dall-E, charts from ￰16￱