As a seasoned crypto investor with a substantial XRP holding, I can’t help but feel a mix of apprehension and cautious optimism upon hearing about the recent 70 million XRP coin transfers to major trading platforms. While it’s not uncommon for large transactions like these to occur, their sheer size and timing make them noteworthy.
Two significant transfers of over 70 million XRP tokens were identified today, according to monitoring tool Whale Alert. These XRP tokens were transferred to two prominent cryptocurrency exchanges. This announcement follows a modest uptick in XRP’s value after a recent market downturn.
As a crypto investor, I’d rephrase it this way: In the initial transaction, an anonymous wallet transferred approximately 33.78 million XRP coins, equivalent to around $14.67 million at current prices, to the crypto exchange Bitstamp. In the subsequent transfer, another unidentified wallet moved roughly 36.52 million XRP coins, valued at around $15.84 million based on current market prices, to the trading platform Bitso.
Approximately $30 million worth of XRP transfers collectively can be inferred from the data. A significant quantity of coins is being transferred to crypto exchanges for selling purposes. Traders usually move their tokens from personal wallets to trading platforms to lessen their holdings.
In the current situation, crypto traders have instigated a significant sale of approximately 70 million XRP coins. This event often has a bearish influence on a coin’s value. Consequently, XRP may face challenges in holding its ground against the heavy selling pressure. Nevertheless, it is important to note that this state of affairs is not likely to persist indefinitely.
XRP price eyes recovery
In the current market downturn, XRP‘s price is making an effort to bounce back from its recent setbacks. At present, Ripple‘s creation is being transacted at $0.4406. Although there has been a 1.43% rise in the last 24 hours, it needs to regain more value to recoup the previous losses.
The RSI of the XRP token, which is a popular indicator used to determine oversold or overbought conditions in the market, has recently moved into a favorable zone. Specifically, its current reading of 41 falls within the bullish range of 40-50. This suggests that XRP could be on the verge of a price increase as it is no longer experiencing significant downward pressure. The RSI’s current support level adds to this optimistic outlook, indicating that the token has not been unduly sold off recently.
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2024-07-10 16:50