Millions of XRP tokens have changed hands in the past day, according to Whale Alert. Two large XRP transactions that sent millions of tokens to cryptocurrency exchanges have been reported by Whale Alert.
First, Bitso received a transfer of 20,100,000 XRP, valued at $11,482,755, from an unidentified wallet. In addition, 26,100,000 XRP totaling $14,920,214 were sent from an unidentified wallet to Bitstamp. This comes to a total of 46.2 million XRP, or almost $26 million.
Tokens are moved to exchanges for a variety of reasons, including selling; nevertheless, the primary motivations for the aforementioned transfers are yet unknown.
The price of the token dropped significantly in tandem with the most recent XRP transactions; as of this writing, it was just $0.562 instead of $0.593 at the beginning of the week. Notably, XRP has been falling since Monday and, should the day conclude negatively, it might be the fourth straight day of losses.
XRP price action
As of this writing, XRP had dropped 1.27% to $0.562 over the previous 24 hours. This completes a fall in the previous seven days of more than 5.89%.
The cryptocurrency industry has been waiting for an approved Bitcoin ETF for more than ten years, and this week, $1.18 billion was injected into the market because to the enthusiasm around this development. XRP had extraordinary inflows of $2.2 million.
But when the excitement subsided, the market turned, and several cryptocurrencies—including XRP—saw profit-taking. At a high of $0.593 on January 14, bulls’ attempts to resume the uptrend were greeted with a stone wall. Right now, all signs point to bears potentially being in charge.
Bulls may need to push XRP over the daily MA 200 at $0.583 and ignite a relief rally to the daily MA 50 at $0.61, $0.67, and ultimately $0.74 in order to invalidate the bearish trend.
However, the selling can get more intense if XRP drops below the $0.56 support level. That would open the door for a drop to $0.50 and subsequently $0.46.
