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Millions of XRP Shifted Ahead of Potential Support: Details

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Thu, 20/04/2023 - 15:56
Millions of XRP Shifted Ahead of Potential Support: Details
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XRP's price fell to a key support at $0.473 on April 19 amid a wider retreat in cryptocurrencies. XRP saw a swift rebound immediately upon touching this key level, retracing to trade at $0.49 at press time.

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XRP had declined to enter a range after reaching highs of $0.584 on March 29. Much of its time in April had been spent in this trading range, with a brief trip below the range's support at $0.482 on April 19.

Crypto data tracker WhaleAlert reports millions of XRP being shuffled within the last 24 hours as XRP navigated to regain a key price support at $0.482.

Two major transactions were reported by WhaleAlert. The first is that of 30,700,000 XRP tokens worth $15,116,999 transferred from the Bitso crypto exchange to an unknown wallet.

The second transaction was of 22,000,000 XRP worth $10,906,129 transferred from an unknown wallet to Bitstamp's crypto exchange.

Whales, or large holders, typically move their tokens to exchanges to sell them, and vice versa. The move might also be just a wallet reshuffle.

XRP battles key support

At the time of writing, XRP was down 1.11% in the last 24 hours as most cryptocurrencies traded lower following a market-wide sell-off triggered by the high inflation figures in the United Kingdom and regulatory uncertainty in the United States.

On the downside, a break below yesterday's low of $0.47 could drag XRP down to the daily MA 50 at $0.45. The bulls are likely to aggressively purchase the dips at this level.

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Further declines might target the $0.41 support coinciding with the daily MA 200.

On the other hand, XRP must squash its current range trading with resistance at $0.557 and make a successful retest of the $0.58 level to move higher. In this scenario, XRP might travel as high as $0.91 before meeting significant resistance on its path.

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