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XRP: Sudden Transfer of Millions in XRP Might Affect Price, Here's Why

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Thu, 11/04/2024 - 14:46
XRP: Sudden Transfer of Millions in XRP Might Affect Price, Here's Why
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In an unexpected move that has caught the attention of the cryptocurrency market, a significant amount of XRP (42.5 million) has been transferred to various crypto exchanges, including Bitstamp and Bitso.

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This move comes at a time when the market is on the cusp of a key shift, leaving room for speculation on the potential implications.

XRP, the sixth-largest cryptocurrency by market cap, has seen a significant transfer of millions of tokens. The move was detected by blockchain watchers, with crypto data tracker WhaleAlert reporting two such transactions.

In a single transaction, 24,040,000 XRP worth $14,870,021 was transferred from an unknown wallet to Bitstamp. In another separate transfer, 18,570,000 XRP was transferred, and $11,495,406 was transferred from an unknown wallet to Bitso.

There are several reasons why tokens are moved to cryptocurrency exchanges, one of which is to be sold. There are speculations that such movements might presage selling or be preparation for significant trading activity.

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All eyes are now on the price of XRP as it awaits a key shift, with market experts analyzing charts and patterns to predict the next move. The millions of XRP shifted could be the key to unlocking the next big price movement. Whether this will serve as a cautionary tale of market volatility is yet to be seen.

XRP price action

At the time of writing, XRP was up 2.59% in the last 24 hours to $0.6144. On April 10, XRP experienced a strong price increase, reaching highs of $0.6433. Buyers attempted to push XRP's comeback above the moving averages, but bears promptly sold on rallies, with the price falling to a low of $0.592 on April 11.

The flat moving averages and RSI at the midpoint might suggest that supply and demand are in equilibrium. This might keep XRP trading between the range of $0.56 and $0.69 in the days ahead.

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If the price climbs above $0.69, the buyers might gain an edge. That might pave the way for a potential rally to the daunting level of $0.74. On the downside, a loss below $0.56 may take XRP to $0.48.

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