Advertisement
AD

Main navigation

Advertisement

Millions of XRP on Move as Price Weighs Next Move

Advertisement
Fri, 25/08/2023 - 14:37
Millions of XRP on Move as Price Weighs Next Move
Cover image via stock.adobe.com

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

Whale Alert, a cryptocurrency data tracker, reported that millions of XRP had been transferred in recent hours. According to Whale Alert, 29,300,000 XRP (29.3 million) were transferred from an undisclosed whale wallet to the Bitstamp crypto exchange.

Advertisement

Tokens are moved to exchanges for a variety of reasons. One of the key reasons could be to sell them. Other possible reasons are staking and airdrops.

Related

Advertisement

Reasons other than selling are conceivable, as it should be recalled that Bitstamp boosted the yearly percentage rate on lending XRP to 2% in August. As a result, users can earn more by lending their XRP.

Bitstamp is also a major ODL corridor for Ripple. Thus, other factors besides selling may appear plausible.

XRP weighs next price move

The sideways price pattern on XRP since the dramatic drop on Aug. 17 may indicate that both bulls and bears are uncertain about the next move.

XRP has declined from the immediate barrier near $0.56, but the bulls have not allowed the price to fall below $0.503, where the daily MA 200 is located.

Related

That said, XRP may continue to consolidate between $0.50 and $0.56 for some time, as it is currently doing. The RSI has flattened toward the 30 oversold level, suggesting that XRP bulls require a decisive push to initiate a strong advance.

Likewise, the chances of consolidation are higher before the bulls take this big step. A break above the immediate barrier at $0.56 could herald a bullish resurgence, with the daily MA 50 at $0.63 as the next target.

A break below the important support around $0.50, on the other hand, might lead to a drop near $0.41. XRP was down 1.81% in the last 24 hours to $0.514 at the time of writing.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD