Main navigation

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

Wed, 05/31/2023 - 16:40
article image
Tomiwabold Olajide
XRP saw six consecutive days of trading in green
Millions of XRP Moved to Bitstamp, Sell-off Imminent?
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

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.

Massive XRP Shifted to Binance as Price Trades in Green: Details

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.

article image
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.