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Millions of XRP Moved to Bitstamp, Sell-off Imminent?

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Wed, 31/05/2023 - 16:40
Millions of XRP Moved to Bitstamp, Sell-off Imminent?
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Crypto data tracker WhaleAlert has spotted a massive XRP move in the last 24 hours. WhaleAlert reports that 21,500,000 XRP worth $11,202,095 was transferred from an unknown wallet to the Bitstamp crypto exchange.

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The timing of the move remains significant, as the XRP price has been on a tear since May 25. Investors often move their crypto assets to exchanges for several reasons, among which is to sell them.

XRP saw six consecutive days of trading in the green starting on May 25 after it resolved a bullish pennant on its chart. The XRP price rose to a high of $0.529 on May 30 before slight profit-taking.

On a broader scale, XRP's price started climbing after a brief consolidation near the May 8 lows of $0.41. The rise, which saw six days of consecutive positive action until May 20, was punctuated by a brief consolidation before the bulls resumed action once again.

The XRP price is about to get overheated on the daily time frame, as the Relative Strength Index (RSI) suggests. Overbought or oversold conditions are often indicated by readings above 70 and below 30. In the case of XRP, the daily RSI has retreated from overbought levels of 73 to nearly 67, where it is presently.

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Bears might have a reason to expect a pullback as bulls take a breather due to profit-taking. The good news remains that XRP's daily RSI remains in positive territory, suggesting an advantage to buyers.

This implies that bulls could be ready to push prices higher after a brief pause. The cryptocurrency market is experiencing a decline at the moment as restrictive monetary policy continues to temper interest in cryptocurrencies.

XRP is showing a decoupling from major cryptocurrencies, which are trading down currently, as it is up 2.16% in the last 24 hours to $0.511. Traders might as well pay attention to see if this trend sustains in the near term.

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