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XRP Stash Sold on Bitstamp Crypto Exchange at Loss: Details

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Tue, 5/12/2023 - 15:55
XRP Stash Sold on Bitstamp Crypto Exchange at Loss: Details
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Crypto data tracker Whale Alert reports an XRP stash moved to the Bitstamp crypto exchange by an unknown whale.

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According to Whale Alert, 24 million XRP worth $14,799,010 were moved to the Bitstamp crypto exchange within the last 24 hours.

While there are various reasons why tokens get shifted to crypto exchanges, one of the most likely is to sell them.

Bearing this in mind, it seems quite obvious that the crypto tokens were sold at a loss given XRP's price action in the last 24 hours. At the time of writing, XRP was reporting losses in line with the rest of the crypto market, down 1.09% in the last 24 hours to $0.611.

The XRP price saw immense volatility on Dec. 4, causing it to fluctuate in a large trading range on this day. As seen on TradingView, XRP touched lows of $0.584 while reaching highs of $0.643 on Binance.

Related
Millions of XRP Sold at Loss as Price Dips Near Key Support

As a result, a long outside-day candlestick pattern formed, signifying a fierce battle between bulls and bears. Currently, the bears are in control, with XRP trading down daily.

That said, the $0.64 and $0.57 levels remain the critical levels to watch for the XRP price, as these constitute immediate resistance and support levels.

If buyers push the price above $0.64, XRP may move on to $0.67 and, eventually, $0.74. Instead, if the price falls below $0.57, the pair may fall to $0.46.

Related
Ripple Returns 800 Million XRP to Escrow, Whale Buys Millions More

CoinShares, an asset manager, reported $176 million in digital asset inflows in the previous week. This increases the total to a 10-week high of $1.76 billion, the largest since the launch of a futures-based ETF in the United States in October 2021.

XRP witnessed $0.5 million in inflows, indicating that investors remain bullish on the coin. 

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