Millions of XRP on Move as Price Weighs Next Move
Whale Alert, a cryptocurrency data tracker, reported that millions of XRP had been transferred in recent hours. According to Whale Alert, 29,300,000 XRP (29.3 million) were transferred from an undisclosed whale wallet to the Bitstamp crypto exchange.
🚨 29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Tokens are moved to exchanges for a variety of reasons. One of the key reasons could be to sell them. Other possible reasons are staking and airdrops.
Reasons other than selling are conceivable, as it should be recalled that Bitstamp boosted the yearly percentage rate on lending XRP to 2% in August. As a result, users can earn more by lending their XRP.
Bitstamp is also a major ODL corridor for Ripple. Thus, other factors besides selling may appear plausible.
XRP weighs next price move
The sideways price pattern on XRP since the dramatic drop on Aug. 17 may indicate that both bulls and bears are uncertain about the next move.
XRP has declined from the immediate barrier near $0.56, but the bulls have not allowed the price to fall below $0.503, where the daily MA 200 is located.
That said, XRP may continue to consolidate between $0.50 and $0.56 for some time, as it is currently doing. The RSI has flattened toward the 30 oversold level, suggesting that XRP bulls require a decisive push to initiate a strong advance.
Likewise, the chances of consolidation are higher before the bulls take this big step. A break above the immediate barrier at $0.56 could herald a bullish resurgence, with the daily MA 50 at $0.63 as the next target.
A break below the important support around $0.50, on the other hand, might lead to a drop near $0.41. XRP was down 1.81% in the last 24 hours to $0.514 at the time of writing.