Ripple whales have shifted a billion XRP, the moves could be a preparation to sell
Over the past week, XRP bagholders have started transferring coins at faster rates. These changes frequently result in further price decreases.
Ripple Whales Transfer One Billion XRP, Is a Price Dump Incoming?
Over the past week, XRP whales have been moving bigger amounts of currency. The market attitude, which is still quite pessimistic, may continue to drop due to these significant moves. The Whale Alert tracker indicates that there have been several significant XRP transactions during the previous several days.
🚨 55,300,000 #XRP (18,810,978 USD) transferred from #Bitso to unknown wallethttps://t.co/zLLz1bvYS5
— Whale Alert (@whale_alert) December 20, 2022
Over the previous week, there have been cumulative transfers of more than 1 billion units of the cross-border transfer asset. Additionally, XRP, valued at millions of dollars, was still being transferred on December 20.
According to the last 24 hours, more than 500 million XRP have been exchanged in just five transactions within the Whale Alert tracker. At the present pricing, this is worth almost $171 million.
The biggest transaction occurred 14 hours ago when Binance delivered 325.8 million XRP worth $112 million to an unidentified wallet.
Whale movements either involve attempts to remove the asset from centralized exchanges or plans to sell if the item is moved to exchanges. Whales were moving XRP last week, but its price has fallen 13% since then. This may indicate that they are getting ready to sell, which would increase price pressure.
The blockchain industry is waiting for Ripple to make a significant announcement. There is, however, no verified information available. Additionally, as the bear market gets worse, there is more tribalism among competitor cryptocurrency enthusiasts on different networks.
XRP is losing strength as it declines another 1% today. As a result, XRP was down by a week’s worth of trading at $0.339 at the time of publication.
XRP/USD 4-hour chart | Source: TradingView
The XRP price has dropped 12.6% over the previous seven days as a result of its inability to overcome resistance at $0.400. Today, at $0.334, it reached its lowest price in more than a month, and it appears that losses will continue. A break below the daily Bollinger bands could result in more losses from a technical perspective. Support stands at $0.325 below present levels, and a decline below $0.300 would be disastrous.
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