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Crypto data tracker Whale Alert reports millions of XRP being shifted to exchanges within the last 24 hours.
Two outflows totaling 43.6 million XRP have been reported by WhaleAlert. In a single transaction, 18.5 million XRP worth $11,211,064 were transferred from an unknown wallet to the Bitso crypto exchange.
Another transaction was the transfer of 25.1 million XRP worth $15,298,245 from an undisclosed wallet to the Bitstamp crypto exchange.
The previous day saw the transfer of 32,078,901 XRP worth $19,557,285 to the Bithumb crypto exchange.
While there are various reasons why tokens are transferred to exchanges, the precise cause for the said transfers of XRP tokens to crypto exchanges is unknown. However, one plausible reason could be to sell.
Keeping this in mind, what draws more attention is the fact that the tokens were sold at a loss.
XRP is currently witnessing a price decline alongside the rest of the crypto market. At the time of writing, XRP was down 1.35% in the last 24 hours to $0.604.
The global crypto market valuation has fallen by 1% in the previous 24 hours, as Bitcoin and altcoins have suffered minor losses.
XRP dips near key support
XRP reached a high of $0.637 at the start of the week on Nov. 26 before profit-taking set in. Since this date, XRP might be set to mark four out of five days of losses if today ends in the red.
Because of the declines, XRP is nearing the key support at the daily MA 50 at $0.59, a key level that has held the XRP price in recent weeks.
If buyers return, XRP may rally to $0.67, but a drop below the daily MA 50 at $0.59 may indicate that bears are attempting to seize control.