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Millions of XRP Grabbed by Whales, Important XRP vs. BTC Signal Appears

Mon, 04/17/2023 - 14:19
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Tomiwabold Olajide
Important XRP/BTC signal emerges
Millions of XRP Grabbed by Whales, Important XRP vs. BTC Signal Appears
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Crypto data tracker Whale Alert reports that millions of XRP have been shifted to anonymous whale wallets in recent hours.

Whale Alert reports two large transactions wherein a large chunk of XRP, about 48.8 million tokens, was moved from exchanges to unknown wallets.

The first is that of 25,342,122 XRP worth $12,940,229 transferred from Binance to an unknown wallet. The other is that of 23,500,000 XRP valued at $12,307,916 transferred from Bitso exchange to an unknown wallet.

XRP Price Jumps 10%, Important XRP vs. Bitcoin Signal Emerges

Investors often move cryptos away from exchanges with the intention of buying or storing them in cold storage.

At the time of writing, XRP was down 1.05% in the last 24 hours to $0.513.

Important XRP vs. Bitcoin signal emerges

XRP recovered on April 14 in its Bitcoin pairing after bouncing off significant support following days of losing strength against Bitcoin. After six days of declines, XRP hit a low of $0.00001678 in its Bitcoin pairing on April 14.

As soon as support was established at this level, XRP began to rise. If increases continue, today might be the fourth day of gains in a row.

In this light, the recovery trend is expected to continue in the short term until at least a significant barrier, maybe at $0.00002, is reached.

This is significant since most XRP rallies have taken place as its value in the Bitcoin pairing has increased.

Midway through March, XRP started to increase, reaching a peak of $0.584 on March 29 before falling back. During the aforementioned time frame, XRP increased in value relative to Bitcoin, peaking at $0.00002 before declining.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.