XRP: Sudden Transfer of Millions in XRP Might Affect Price, Here’s Why

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Surprisingly, over 42.5 million units of XRP have been shifted to several cryptocurrency exchanges such as Bitstamp and Bitso, sparking intrigue within the digital currency market.

This action occurs as the market is about to undergo a significant change, allowing for debate on the possible consequences.

Approximately $2.6 million worth of XRP, the sixth largest cryptocurrency by market capitalization, was transferred in recent transactions. These sizeable transfers were identified by blockchain observers and reported by WhaleAlert, a popular crypto data tracker.

An unidentified wallet sent 24,040,000 XRP, equivalent to approximately $14.87 million, to Bitstamp in one transaction. In a separate transfer, 18,570,000 XRP were moved, and an equal amount of around $11.49 million was transferred from another unidentified wallet to Bitso.

🚨 24,040,000 #XRP (14,870,021 USD) transferred from unknown wallet to #Bitstamp— Whale Alert (@whale_alert) April 10, 2024

Tokens may be transferred to cryptocurrency exchanges for various reasons, including the intention to sell them. Some believe that these transfers could signal upcoming selling or indicate plans for increased trading.

The price of XRP is under close scrutiny by market experts, who are closely studying charts and trends in an attempt to forecast its next move. The recent transfer of millions of XRP could potentially trigger the next significant price swing. However, it remains to be seen whether this event will be viewed as a warning sign for market instability.

XRP price action

Currently, XRP has gained 2.59% in the past 24 hours and is priced at $0.6144. On the 10th of April, XRP saw a significant price surge, peaking at $0.6433. Attempts were made by buyers to push XRP’s recovery above the moving averages; however, sellers quickly intervened and sold during rallies, resulting in a low of $0.592 on the 11th of April.

In simpler terms, when the moving averges of a flat line and the Relative Strength Index (RSI) are at their midpoint, it could indicate that the supply and demand for XRP are balanced. This situation might result in XRP continuing to trade within the price range of $0.56 and $0.69 in the near future.

If the price reaches or exceeds $0.69, buyers could have an advantage, potentially leading to a surge towards $0.74. Conversely, if the price falls below $0.56, XRP might drop to $0.48.

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2024-04-11 17:50