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Whale Sends $77M XRP to Bithumb – Is a Rally Imminent?

• A whale recently sent 150 million XRP to Bithumb, raising speculation of an imminent sale.
• The cryptocurrency market experienced an abrupt downturn and liquidated $1 billion in leveraged positions as Bitcoin declined.
• XRP’s price plummeted by 15% due to the SEC’s appeal approval, leading to leveraged positions being liquidated worth over $24 million.

Abrupt Downturn

The cryptocurrency market experienced an abrupt downturn, liquidating leveraged positions totaling an astonishing $1 billion. This drop occurred as Bitcoin’s value sharply declined toward the $25,000 mark, a descent mirrored by numerous other cryptocurrencies.

Whale Alert Reports

Whale Alert, a well-known entity tracking significant cryptocurrency transactions, highlighted a remarkable development. A massive transaction involving 150 million XRP has been initiated. This considerable amount equates to approximately $77 million, greatly amplifying the possible consequences. The recipient of this significant transaction is the renowned Korean exchange, Bithumb.

SEC Appeal Approval

Ripple’s XRP has been severely impacted, worsened by the SEC’s appeal approval . Within the same timeframe, XRP’s price plummeted by a substantial 15%, leading to the liquidation of leveraged positions surpassing $24 million. This decline could be just the initial sign of greater challenges for XRP.

Investors Considering Departures?

Investors considering departures might indicate a change in XRP’s performance. While this event doesn’t assure an imminent crash, it’s important to acknowledge that a prevalent pattern among investors is to transfer their crypto holdings to exchanges mainly for selling, not holding. This scenario highlights the ever-changing nature of the cryptocurrency market, where abrupt changes can have notable impacts on different assets including XRP..

Crypto Analyst Identifies Rally Potential

CryptoInsightUK , a crypto analyst has highlighted that despite current bearishness there exists potential for further upside on various assets such as Bitcoin and Ethereum but especially for Ripple’s XRP if certain conditions are met such as increased institutional demand or large scale capital injections into RippleNet .