Whales Move Ripple XRP Holdings As Token Plunges Below $0.46, What’s Ahead?
26 April 2023 - 2:00AM
NEWSBTC
The price of Ripple XRP plummeted below the $0.46 level for the
second time in the past three weeks as XRP records increased
transactions amid the prevailing bearish trend on the entire crypto
market. The firm behind the XRP coin has moved millions of tokens
within the past few days. XRP whales are also following the trend,
moving millions of tokens as well. Ripple And Whales Moves Over 350
Million XRP The blockchain company behind the development of XRP,
Ripple Labs, has recently moved 120 million XRP tokens. According
to data from a blockchain whale tracker, Whale Alert, Ripple
completed its first transaction by transferring 50 million XRP
tokens worth $22.8 million. The firm moved the coins to another
wallet address suspected to belong to it on April 24. Later,
the recipient’s wallet transferred some funds, which included its
previous balance. It moved 70 million XRP worth $32 million to an
affiliate wallet of Ripple through multiple transactions. It then
sent the funds to Independent Reserve, Bitso, and Bitstamp crypto
exchanges. Related Reading: Floki Inu Joins Binance.US And Surges
By 50% As Investors Pile In Besides Ripple’s huge transfers, some
XRP whales have also moved their coins. The whales have transferred
230 million XRP through five transactions within two days.
According to Whale Alert data, the biggest whale transaction
occurred on April 23. It involved 108.9 million XRP moved
between two anonymous wallets. The coins were worth $49.9 million
at market prices. Whale Alert noted another transfer of 28 million
XRP tokens worth $12.9 million from an unknown wallet to an address
on the Bitstamp exchange. After a few minutes later, there was
another transfer of 42 million XRP worth $19.3 million between two
Bitso addresses. The last two large transactions of XRP followed
Ripple’s transfers on April 24. One was a movement of 26 million
XRP worth over $11.9 million from an anonymous wallet to the
Bitstamp exchange. Another transaction was a transfer of 25.6
million XRP coins between two addresses on the Bitso exchange. XRP
Price Action At the time of writing, XRP is trading at $0.4562,
indicating a drop of 1.06% over the past 24 hours. The price of XRP
has been dropping drastically following the turbulence in the
crypto market. The token’s 7-day and 30-day price action shows a
dip of 11.63% and 1.48%, respectively. XRP lost its hold on
the $0.5 price level on April 19 as the bearish pressure
intensified. The token hit a new 4-week low on April 21 as the
price of XRP plummeted to $0.4427. Related Reading: Shiba Inu Might
Surge By 300% If It Maintains This Support Level XRP trades above
its 200-day SMA and 50-day SMA. Based on technical indicators, the
50-day SMA could surge to $0.49 in the next 4 weeks. The price of
XRP is expected to rise in the future. The XRP’s Relative Strength
Index (RSI) is currently at 43.53. This shows that the XRP market
is neutral, with no strong buying or selling sentiment. Featured
image from Pixabay and chart from Tradingview
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