Data on the series show that XRP whales have participated in the main distribution over the past two weeks, a sign that can be downward for the price of the original.
XRP whales sold 160 million symbols recently
In new mail In X, analyst Ali Martinez talked about the last XRP whale step. The analyst cited the Santiment supply index, which measures the total amount of the assets preserved by a specific portfolio group as a whole.
Whales are defined as titles that carry between one million and 10 million symbols of encrypted currency. At the current exchange rate, the range turns to about $ 2.99 million at the lower end and $ 29.9 million at the upper end. Thus, market participants who have a large amount of capital decrease in this range.
These big investors can carry a degree of influence on the market, so their movements can be monitored. One way to do this is by distributing the offer.
Now, here is the graph that the analyst, who shows the trend in the distribution of supply from the XRP group from one million to 10 million
As shown in the graph above, XRP whales have taken their supplies to the highest level of the month, but since then, these jumpsuit participated in the sale. Interestingly, most of this distribution came when the origins of the assets occurred to the level of $ 3.1.
This timing means that whales were using price increase as an opportunity to achieve profits and get out of the market. In total, these huge entities have dropped 160 million symbols of the cryptocurrency over the past two weeks, at a value of $ 486 million at the present time.
The coin has decreased since its ongoing, and if the sale continues from the whales, the clouds can extend. However, from a technical perspective, XRP may actually be near a recovery, as Martinez indicated in another x mail.
The reason is that the TOM Demark (TD) sequence has just gave a reflection signal.
TD sequence is an indicator that calculates the candles of the same color in the asset price scheme to determine the exhaustion points. Once nine candles enter, it indicates that the previous trend has ended and the reflection may be about to happen. From the above graph, it is clear that XRP has formed a TD serial signal with nine red candles on the graph for 4 hours, indicating that the upscale shift may occur after that.
XRP price
At the time of this report, XRP floats around $ 3.02, a decrease of about 1 % over the past 24 hours.
The post XRP Bearish Signal: Whales Offload $486 Million In Asset first appeared on Investorempires.com.
