What’s up, my people! Watch out for what’s happening with Ripple, as we’re all excited about the rise, but the on-chain data is throwing a warning. XRP made a move of almost 26% and even flirted with $3.01. But, as they say, not everything that glitters is gold. If we take a look at the data, it looks just like the last time it rose and then dropped by 20%.
The key here, friends, is the movement of the whales.
and the reserves on the exchanges.
The reserves of XRP on exchanges, especially on Binance, are at their highest point since January. What does that mean? That the heavyweights are moving their tokens to the street, ready to sell. The last time we saw a peak like this, back in May, it was the precursor to a crash. Those who do not learn from history are doomed to repeat it. And not only that, transactions of over a million dollars, the ones made by the big fish, are at a level not seen in three months. This is not a coincidence; it’s a strategy, a sign that they might be distributing.
Technically, if the correction occurs, eyes are on the level of $2.34, which is the Fibonacci of 0.618. A magical number in trading. If XRP cannot hold the support of $2.77, the path to that level is served on a silver platter, and that, my friend, is a 20% drop.
So you all know, it’s not time to panic, but it is time to be very cautious. It could be a downturn before gaining more momentum, or the signal that the sharks are taking profits. Keep an eye on the reserves and the movements of the big players. The next move will tell if this is just a breather or a "see you later."
