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According to crypto data tracker Whale Alert, 45 million XRP tokens were observed being transferred to major cryptocurrency exchanges in two large transactions.
This significant movement of tokens coincided with a notable surge in the price of XRP, which experienced a rapid 5% jump in value.
According to data from Whale Alert, a blockchain tracking platform, there were two significant transfers of XRP to major exchanges Bitso and Bitstamp.
The first transaction involved the movement of 19.3 million XRP worth $11,869,522 from an unknown wallet to Bitso. The second transaction saw 25.6 million XRP worth $15,773,929 shifted from an undisclosed wallet to Bitstamp.
There are several reasons why tokens get shifted to exchanges, one of which is to sell them.
Tomiwabold OlajideIn this light, these transfers have sparked interest among investors and traders, as large movements of cryptocurrencies to exchanges can sometimes precede selling pressure, leading to price fluctuations. However, in this case, the XRP market reacted positively, with a price increase of 5%.
At the time of writing, XRP was up 4.47% in the last 24 hours to $0.62.
XRP price action
XRP found support at lows of $0.568 on March 20 before posting a sharp rebound. The rise continued until press time, with XRP hitting highs of $0.6254 in Thursday's trading session.
XRP is on track to validate its recent golden cross formation, a technical analysis pattern that occurs when a cryptocurrency's short-term moving average crosses above its long-term moving average. This bullish signal is often interpreted by traders and analysts as a potential indicator of a forthcoming upward price trend.
If the current rebound sustains, a breach past the $0.669 level and ultimately the $0.748 barrier would kickstart a fresh uptrend for the XRP price. On the other hand, major support lies at the MA 200 at $0.572.
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