Within the last day, millions of XRP have reportedly been moved to exchanges, according to cryptocurrency data tracker Whale Alert.
43.6 million XRP have been recorded in two outflows, according to WhaleAlert. 18.5 million XRP, or $11,211,064 in value, were sent from an unidentified wallet to the Bitso cryptocurrency exchange in a single transaction.
https://x.com/whale_alert/status/1729968665838166457?s=20
A further transaction included moving 25.1 million XRP, or $15,298,245, to the Bitstamp cryptocurrency exchange from an unidentified wallet.
A sum of $19,557,285 (or 32,078,901 XRP) was sent to the Bithumb cryptocurrency exchange the day before.
The specific rationale for the aforementioned transfers of XRP tokens to cryptocurrency exchanges is unknown, despite the fact that there are several reasons why tokens are moved to exchanges. To sell, though, would be a reasonable explanation.
In light of this, the fact that the tokens were sold for a loss attracts additional notice.
The price of XRP is now declining along with the rest of the cryptocurrency market. As of this writing, XRP has dropped 1.35 percent to $0.604 over the previous day.
In the last day, the value of the global cryptocurrency market dropped by 1% due to slight losses in Bitcoin and other cryptocurrencies.
XRP dips near key support
On November 26, at the beginning of the week, XRP hit a high of $0.637 before profit-taking began. If today concludes in the negative, XRP might be poised to record four consecutive days of losses since this date.
Due to the losses, XRP is getting closer to the critical level that has held the price of the cryptocurrency in recent weeks—the daily MA 50, which is now at $0.59.
In the event that buyers come back, XRP may rise to $0.67, but a decline below the daily MA 50 at $0.59 might suggest that bears are trying to take the upper hand.
