Recent activity on the Ripple network indicates that large quantities of XRP have been transferred to cryptocurrency exchanges. This activity, predominantly from unknown wallets, involves substantial sums and could potentially lead to increased selling pressure on the digital asset.
Whale Alerts: Ripple’s Significant Transfers
Data monitoring service Whale Alert reported that 54.8 million XRP, worth about $30 million, has been moved, signaling potential market moves. One transaction sent 28.35 million XRP, valued at approximately $15.5 million, to the Bitso exchange, while another moved 26.5 million XRP, worth $14.5 million, to Bitstamp. These transactions coincide with XRP’s approach to a crucial support price point of $0.53.
The price of XRP has been experiencing a pullback, descending from its recent high of $0.575. Should this decline persist, it would mark a third successive day of depreciation for the cryptocurrency.
Market Reaction and Price Analysis
The community is speculating about the reasons behind these transfers, often associated with impending sales on exchanges. Despite this, the immediate market reaction has been relatively subdued, with XRP’s value dipping by 2.14% in the past day to $0.5369, which equates to 16.9 TRY.
The current downtrend in XRP’s price appears to be in line with the broader market, following Bitcoin’s performance. A potential upswing breaking past the $0.57 mark might suggest a reversal of the current downtrend, hinting at a possible surge toward $0.67. Conversely, a further descent in value could lead XRP to a strong support at $0.46.
