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Millions of XRP on Move as Price Weighs Next Move

Fri, 08/25/2023 - 14:37
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Tomiwabold Olajide
Millions of XRP moved as price searches for bullish trigger
Millions of XRP on Move as Price Weighs Next Move
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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.

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.

Bitstamp's XRP Announcement Leaves Community Upset, XRP and BTC Print Golden Cross, SHIB to Host Outdoor Cabana Party in Canada: Crypto News Digest by U.Today

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.

XRP Nearly Oversold per This Indicator

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.

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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.