- Whales initiated $734M XRP sell orders on Upbit, accounting for 33% of transactions, fueling price volatility.
- XRP dipped to $2.29 after RLUSD launch, despite a 10% rally to $2.70 earlier, as profit-taking surged.
- Whale buying resumed with 110M XRP accumulated post-dip, signaling strong interest amid low trading momentum.
South Korean crypto exchange Upbit processed $734 million in XRP sell orders within 24 hours, according to Digital Asset. Between December 18 at 23:00 UTC and December 19 at 23:00 UTC, whales initiated sell orders exceeding $5,520 each. These large trades accounted for 33% of all XRP transactions on the platform, indicating the activity on XRP among Whales.
RLUSD and Price Fluctuations
RLUSD debuted on major exchanges on December 17.This led to XRP’s price surging over 10%, reaching $2.70 nearing $3 prediction. However, this price rally seemingly prompted whales to capitalize on profits by offloading XRP across multiple exchanges.
On Wednesday, Whale Alert reported a transfer of 39,999,989 XRP, valued at $98.68 million, from an unknown wallet to Coinbase. Such transactions show strategic selling by major investors. Despite the RLUSD launch, XRP’s price dropped substantially in the last 48 hours.
Market Activity Show Buying Despite the Downtrend
While selling dominated, some whales resumed accumulation during XRP’s price decline. Analyst Ali noted that 110 million XRP were purchased within 24 hours, indicating ongoing interest in the asset.
The buying activity has coincided with XRP’s price dipping by 3.12% in the past 24 hours, to $2.29. Despite this dip, XRP remains up by 111.23% over the past month, showcasing its resilience. XRP’s price action on a shorter timeframe showed consolidation near $2.2850, with resistance at $2.40 and support around $2.27.
Weak market participation, shown by a low trading volume of 1.65 million, accompanied the sideways movement. Technical indicators like RSI and MACD suggest limited momentum, though a potential reversal could emerge if conditions improve.
Capital Movements Indicate Profit-Taking Trends
Data from Coinglass shows XRP’s net inflows and outflows. Since late October, consistent positive netflows, often exceeding $150 million, fueled XRP’s price from $0.50 to over $3.
However, December saw increased outflows, with some days recording nearly $100 million in withdrawals. This trend aligns with heightened profit-taking as XRP approaches critical resistance levels.
The dominance of positive netflows leading to December shows investor confidence, but recent sell-offs warn caution. Whether sustained inflows return or outflows persist will determine XRP’s next move. Further, monitoring these trends remains crucial for understanding market dynamics.
