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XRP Sell-Off: Why Millions of Tokens Moved to Exchanges Are at Loss

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Thu, 18/01/2024 - 13:46
XRP Sell-Off: Why Millions of Tokens Moved to Exchanges Are at Loss
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According to Whale Alert, millions of XRP tokens have shifted hands in the last 24 hours. Whale Alert reports two massive XRP transactions carrying millions of tokens to crypto exchanges.

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First, 20,100,000 XRP worth $11,482,755 were transferred from an unknown wallet to Bitso. A total of 26,100,000 XRP worth $14,920,214 was also shifted from an unknown wallet to Bitstamp. This totals 46.2 million XRP, which is worth approximately $26 million.

There are various reasons why tokens are shifted to exchanges; one of the reasons is to sell, although the main motives of the above-mentioned transfers remain unknown.

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The latest XRP transfers coincided with a significant drop in the token's price, as it fell from $0.593 at the week's start to $0.562 at the time of writing. Notably, XRP has been on a decline since Monday and might mark the fourth consecutive day of losses if today ends in the red.

XRP price action

At the time of writing, XRP was down 1.27% in the last 24 hours to $0.562. This adds to a larger than 5.89% decline in the last seven days.

TradingView
XRP/USD Daily Chart, Courtesy: TradingView

The excitement over the SEC’s approval of a Bitcoin ETF — sought after by the crypto community for over a decade — triggered $1.18 inflows into the market in the past week. XRP saw staggering inflows totaling $2.2 million.

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XRP, BTC, ETH Show Surprising Profitability Trend, Biggest Signal to Watch

However, the market reversed as the euphoria faded, with several cryptocurrencies experiencing profit-taking, including XRP. Bulls' attempts to restart the uptrend met a brick wall at a $0.593 high on Jan. 14. Currently, all indications suggest bears might be in control.

To invalidate the bearish trend, bulls might need to shove XRP past the daily MA 200 at $0.583 and kickstart a relief rally to the daily MA 50 at $0.61, $0.67 and eventually $0.74.

However, if XRP falls below the $0.56 support level, the selling may intensify. That would pave the way for a decrease to $0.50, then $0.46.

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