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XRP Whales Shake up Market as Price Struggles to Recover

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Fri, 26/01/2024 - 13:45
XRP Whales Shake up Market as Price Struggles to Recover
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According to crypto data tracker Whale Alert, XRP whales have moved millions of coins in the last 24 hours, indicating a high level of market interest and activity.

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In the past 24 hours, Whale Alert reported two transactions involving a total of 59.3 million XRP, worth approximately $30.2 million, between unknown wallets and exchanges Bitstamp and Bitso.

Whale Alert reports 30,400,000 XRP worth $15,561,811 transferred from an unknown wallet to Bitso. Another 28,900,000 XRP worth $14,793,959 were transferred from an unknown wallet to the Bitstamp crypto exchange.

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These movements could signal the intention of the whales to buy or sell XRP, depending on market conditions and their expectations.

There are several reasons why tokens are moved to crypto exchanges. One of the reasons might be to sell, although the reasons for the move remain unknown.

XRP price action

At the time of writing, XRP was up 1.56% in the last 24 hours to $0.52. XRP is struggling to find its footing after slipping to lows of $0.496 on Jan. 23.

XRP had come down from its daily simple moving averages of 50 and 200 in the wake of the market's drastic drop in January and slipped below the immediate support of $0.54.

The price has rebounded from lows of $0.496, and the current consolidation might suggest a tussle between bulls and bears.

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Bulls must propel and keep the XRP price above the moving averages to gain control. XRP may then reach $0.65, or perhaps $0.70. Any rally is expected to be met by selling at the daily SMA 50 initially.

On the other hand, if XRP falls more than $0.49, sellers will try to pull it down below $0.46, where buyers are likely to enter. If the price falls and breaks below $0.46, a retest below $0.41 is possible.

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