XRP News Today: XRP Drops 8.2% Amid Market Cooldown, Whales Accumulate 44.1 Million Tokens

XRP, the cryptocurrency, has recently experienced a price decline of 8.2%, settling at $2.14. This drop comes amidst a broader market cooldown following the rally of the previous month. However, there are emerging signs of accumulation, with a notable withdrawal of 44.1 million XRP tokens from the Turkish crypto exchange Paribu. These tokens, valued at nearly $100 million, were transferred to an external wallet. This move is seen as a bullish indicator, as it reduces the token's liquidity in the short term and suggests that large investors, or "whales," are positioning for an upcoming rally.

The market interprets such movements by whales as a positive sign for the price of XRP. The decision to move tokens out of exchanges indicates that deep-pocketed investors are preparing for a potential price increase. This move occurred just days after the launch of two futures contracts linked to XRP by the CME Group. Additionally, the market is eagerly awaiting the SEC's approval of multiple XRP exchange-traded fund (ETF) applications. The approval of these ETFs could result in significant liquidity flowing into the cryptocurrency, further supporting a bullish outlook for XRP.

Despite the recent price drop, XRP has found support at its 200-day Exponential Moving Average (EMA) and has bounced off this key indicator in recent days. The Relative Strength Index (RSI) has been in a downtrend, which supports a bearish outlook. However, this could be seen as a normal pullback within an overall bull market. If this is the case, XRP could soon recover as late buyers take advantage of the declines to purchase the token. This recovery would be in line with the bullish signals provided by the recent large exchange withdrawal and the potential approval of XRP ETFs.