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XRP's price dipped alongside the rest of the crypto market in declines fueled by macroeconomic uncertainty and industry concerns.
Binance, the world's largest crypto exchange by trading volume, paused BTC withdrawals on two occasions as the Bitcoin network saw unusual congestion. Though BTC withdrawals have resumed on Binance, Bitcoin and the rest of the crypto market are yet to shake off the FUD created as they continue to trade in losses.
At the time of writing, XRP was down 5.33% in the last 24 hours at $0.433. The XRP price has seen a steady decline after bulls made an unsuccessful attempt to push its price past the $0.54 level in mid-April.
Tomiwabold OlajideThe crypto market sell-off since May's start did not aid XRP's positive outlook, with XRP marking only two green days out of eight so far in the month. The sell-off brought XRP below the key daily MA 50 level at $0.48 as bears showed no respite.
Now, it seems as though XRP is nearing oversold levels, as portrayed in the daily RSI, which is nearing 30. An RSI reading of 30 or below often indicates an oversold or undervalued condition.
In this scenario, once oversold conditions are confirmed, XRP might see a relief rebound. On the other hand, the nearest major support for XRP will coincide with the daily MA 200 at $0.41 if the declines perpetuate.
Whales are making their moves
Given the recent XRP dip, whales or large holders are making their moves on the network. Crypto data tracker Whale Alert has spotted some massive XRP moves in the last 24 hours.
The most recent was a 50 million XRP transfer worth $21,874,438 from the Crypto.com exchange to an unknown whale wallet.
🚨 🚨 50,000,000 #XRP (21,874,438 USD) transferred from #CryptoCom to unknown wallethttps://t.co/WHqc8giQWt
— Whale Alert (@whale_alert) May 8, 2023
Likewise, another chunk of XRP — 113.2 million XRP worth $51,650,912 — was swapped between unknown whale wallets.
🚨 🚨 🚨 🚨 🚨 113,200,000 #XRP (51,650,912 USD) transferred from unknown wallet to unknown wallethttps://t.co/8dlzho8eOz
— Whale Alert (@whale_alert) May 7, 2023
Meanwhile, 29 million XRP worth $13,243,791 were moved from an unknown wallet to the Bitstamp crypto exchange.
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