20 Million XRP on Move as XRP Price Makes Comeback

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As a seasoned analyst with over two decades of experience in the financial markets under my belt, I’ve seen my fair share of market movements that could make even the most hardened trader break into a cold sweat. The recent 20 million XRP transfer to Bitstamp has certainly piqued my curiosity.

In a recent move, 20 million XRP tokens were transferred, sparking interest and speculation in the market. This movement comes as XRP is making a comeback following a three-day decline.

Over the past day, on-chain information disclosed a significant transfer of 20 million XRP units, which were moved from an unidentified digital wallet to the Bitstamp digital currency platform.

According to Whale Alert’s report, an amount equivalent to 20 million XRP, valued at approximately $47.2 million, has been moved from an unidentified wallet to Bitstamp.

🚨 🚨 20,000,000 #XRP (47,233,851 USD) transferred from unknown wallet to #Bitstamp

— Whale Alert (@whale_alert) December 6, 2024

Although it’s unclear who is involved or their reasons for doing so, transfers into trading platforms could indicate plans to cash out; large investors (whales) may be looking to capitalize on the recent surge in XRP prices. This action might also be aimed at increasing liquidity within the market.

Over the past day, as per Whale Alert’s report, an amount equivalent to 22,018,660 XRP, valued at approximately $50,355,056, was moved from Binance to a wallet with an unknown identity.

The value of XRP has experienced a substantial rise since last November, breaching both the $1 and $2 thresholds before facing resistance while attempting to reach $3. As of now, XRP has increased by 24.61% in December, following a 283% jump in November. This upward trend has propelled XRP up the cryptocurrency rankings, placing it as the third most valuable digital currency, with a market capitalization of $139 billion.

XRP price action

For the past three consecutive days, XRP experienced a drop in value as traders cashed out at the peak of around $2.9 on Tuesday. On Thursday, it dipped to a low of $2.16 before recovering. In Friday’s trading, XRP reached $2.46.

The upward trend persisted throughout Saturday’s trading, peaking at a daily maximum of $2.50. Currently, XRP is showing an increase of 6.14% over the past 24 hours, trading at $2.43. On a weekly basis, it has climbed by 28%.

For XRP to start a new upward trend, it needs to surpass the previous resistance level of approximately $2.85, which halted its progress in December 2017, and then move beyond $2.9. If this occurs, there’s a possibility that XRP could reach either $3 or $4, setting new record highs.

In simpler terms, the price of XRP is currently higher than an important level of resistance, which lies between $2.09 and $2.28. If it manages to hold this position, it might strengthen the foundation for further growth.

Should XRP’s price drop and dip below $2.09, it could indicate a continuation of its descent, possibly leading to a fall in value to approximately $1.79.

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2024-12-07 14:02