Millions of XRP have been shuffled within the last 24 hours; how has it affected the price?

On April 19, XRP price declined to a crucial support level of $0.473 amid a broader decline in cryptocurrencies. After touching this important mark, XRP quickly recovered and reversed course to trade at $0.49 at the time of publication.

After reaching a high of $0.584 on March 29, XRP declined to enter a range. It had spent most of April in this trading range, except for a brief excursion beneath the range’s support at $0.482 on April 19.

Millions of XRP have reportedly been traded over the past 24 hours as XRP maneuvered to reclaim crucial price support near $0.482.

By WhaleAlert, two significant trades were recorded. The first involves transferring $30,700,000 worth of XRP from the Bitso cryptocurrency exchange to an unidentified wallet. The second transaction involved the transfer of 22,000,000 XRP, valued at $10,906,129, from an unidentified wallet to Bitstamp’s cryptocurrency exchange. To sell their tokens, whales or significant holders generally shift them to exchanges and vice versa. The change could simply be a reorganization of the wallet.

XRP was down 1.11% as of the time of writing over the previous 24 hours, along with most other cryptocurrencies, due to a market-wide sell-off brought on by the high inflation rates in the UK and regulatory uncertainty in the US.

On the downside, XRP might drop below the daily MA 50 at $0.45 if it breaks below yesterday’s low of $0.47. At this level, the bulls will probably aggressively buy the dips. The support at $0.41 coincides with the daily MA 200, which maybe the next drop area. However, to break out of its current range and move higher, XRP must successfully retest the $0.58 level and overcome resistance at $0.557. In this case, XRP might reach a high of $0.91 before encountering substantial roadblocks.


XRP/USD 4-hour chart | Source: TradingView

At the time of writing, Ripple’s native token is changing hands at $0.4706.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like