Crypto whales have been vigorously transferring XRP tokens over the past 24 hours as the digital asset seen a significant dip with the rest of the market in these turbulent times. Several transfers of large amounts of XRP worth millions of Dollars were identified on Whale Alert, a crypto tracking website.
One 50 million XRP transfer worth over 21 million Dollars was done from the Crypto.com exchange to an unknown wallet, while another 113.2 million XRP worth over 51 million Dollars was swapped between two unknown wallets. Additionally, 29 million XRP worth 13.2 million Dollar were moved from an unknown wallet to Bitstamp crypto exchange.
XRP was trading in red for the past seven days of this month, as the price saw a steady decline after bulls made an unsuccessful attempt to push it past the 0.54 level in mid-April. At the time of writing, XRP was down 5.33% in the last 24 hours. The decline brought XRP below the key daily MA 50 mark at 0.48 and bears showed no respite leading the token to oversold levels according to the RSI reaching 30.
The macroeconomic uncertainty and industry concerns of the crypto market decline has not done anything good for XRP's prospects. But whales seem to be looking to benefit from this market drop buying XRP and adding them to their respective portfolios. The crypto market sell-off does not seem to end any soon leaving the fate of XRP even more uncertain, however, if the decline surpasses the major support level of the daily MA 200 at 0.41, XRP might see a slight bounce in its price once oversold conditions are accepted.
David Castillo
- 2023-05-08
Are Crypto Whales Taking Advantage of XRP's Downfall?
Crypto Whales have been showing up, purchasing XRP during its downtrend. Several transfers of large amounts of XRP worth millions of Dollars were identified within the past 24 hours on Whale Alert, a crypto tracking website - are they attempting to take advantage of XRP's decline?
