Massive 305 Million XRP Transfer by Prominent Ripple Investor Signals Impending Market Turbulence
In January 2018, the price of XRP reached a record high of $3.317, but it has not come close to that level since then. The ongoing SEC vs. Ripple case has significantly impacted the growth of XRP, and while it has strong community support, it now needs regulatory support as well. The legal case has largely favored Ripple, but there are concerns that a price dump may occur soon due to recent movement by a large XRP whale.
Whale Alert, a platform that tracks large cryptocurrency transactions, reported that an XRP whale recently moved a total of 703 million Ripple tokens in two transactions to two different exchanges. In the first transaction, the whale sent 337 million XRP tokens, worth $146 million, to the Bitstamp exchange. Shortly after, the whale transferred 365 million XRP tokens, worth $158 million, to the Bitso crypto exchange. While the whale has not sold these coins yet, these transactions indicate the potential for a price dump.
Looking at XRP’s monthly chart, it is evident that the price has already fallen below the 20 and 50 moving averages (MAs), with only the 100 MA currently holding the price. If the whale decides to sell these tokens, it could lead to significant market turbulence and a further decline in price. The nearest support level for XRP is at $0.169.
On the weekly chart, the price has dropped below all three MAs, which now act as resistance. XRP experienced an uptrend from November 2022 to April 2024, but it has since fallen below the trend line and all MAs. The relative strength index (RSI) is currently at 36.70, indicating an oversold condition.
Despite XRP showing some green candles in the past two days, the movement of the whale still poses a risk of a price drop. Data from Defillama reveals a significant decrease in XRP’s trading volume, with Bitget and Bybit experiencing a 62% decline.
It is difficult to determine whether the actions of the whale indicate an intention to sell or if it is simply a tactic to scare the market. However, it is commonly believed that whales move coins to exchanges in order to sell them. In the coming days, we will see the direction in which XRP’s price is heading. While the hourly chart looks positive, other charts suggest a downward trend.
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– Crypto news
– Price Analysis
– Ripple (XRP)