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CryptoQuant Research Chief: XRP Whale is accelerating token movement to CEX, price may face short-term pressure
BlockBeats News, August 8th, CryptoQuant's Head of Research Julio Moreno pointed out that as XRP whales accelerated the transfer of assets to exchanges, the token's price may face short-term pressure. "A sudden influx of whale funds into exchanges can signal a price turning point as these large holders may start selling off," Moreno said.
CryptoQuant data shows that as of Thursday, the 30-day moving average of XRP whales transferring to exchanges has increased from 141 million coins in early July to 260 million coins.
Whale activity has a significant impact on market sentiment. Moreno added that in July, XRP's price fell after a surge in whale fund inflows. It is worth noting that on July 18th, the day XRP hit a historical high, whales transferred 660 million tokens to exchanges, and in the following week, the price fell back to $3.
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