Along with the rest of the cryptocurrency market, XRP’s price fell as a result of macroeconomic ambiguity and business-related worries.
The world’s largest cryptocurrency exchange by trading volume, Binance, had to suspend BTC withdrawals twice because the Bitcoin network experienced unusually high congestion. Despite the fact that BTC withdrawals on Binance have resumed, Bitcoin and the rest of the cryptocurrency market have failed to overcome the FUD that has been generated as they go on trading in the red.
At the time of writing, the price of XRP has dropped by 5.33% in the previous day to $0.433. Since mid-April, when bulls made a failed attempt to raise the price of XRP above $0.54, it has been steadily falling.
Only two of XRP’s eight trading days have been green this month due to the crypto market sell-off that has occurred since May’s beginning. As bears continued to show no signs of relent, the sell-off drove XRP below the crucial daily MA 50 level at $0.48.
Currently, it appears that XRP is getting close to oversold levels, as shown by the daily RSI, which is getting close to 30. An oversold or undervalued position is sometimes indicated by an RSI reading of 30 or below.
In this case, XRP can have a relief comeback if oversold circumstances are established. On the other side, if the falls continue, the daily MA 200 at $0.41 will be the closest significant support for XRP.
Whales are making their moves
Whales or significant holders are moving on the network as a result of the recent drop in XRP. In the past 24 hours, the cryptocurrency data tracker Whale Alert has seen some significant XRP changes.
The most recent transaction involved a 50 million XRP transfer from the Crypto.com exchange to an unidentified whale wallet, valued at $21,874,438.
A similar amount of XRP, 113.2 million worth $51,650,912, was transferred between unidentified whale accounts.
The Bitstamp cryptocurrency exchange received 29 million XRP worth $13,243,791 that were sent from an unidentified wallet.
