- Whale Alert tweeted yesterday that a whale transferred millions of tokens to Bitstamp over the past 24 hours.
- XRP’s price had started to drop during the past 24 hours, and was standing at $0.5162 at press time.
- Technical indicators on XRP’s daily chart suggested that medium-term momentum was in favor of sellers.
The whale tracking platform Whale Alert revealed that millions of Ripple (XRP) tokens were transferred to an exchange platform during the past 24 hours, which may be an early indication of an XRP selloff. In the first post, the platform shared that 425,118,503 XRP, worth $224,906,760, was transferred from Bitvavo to an unknown wallet yesterday evening.
Just a few hours later, Whale Alert revealed in a second tweet that $28,400,000 XRP was transferred from an unknown wallet to Bitstamp. According to the post, the transferred tokens were valued at $14,921,752 at the time the tokens were sent to the exchange platform.
Given the latest transfer to Bitstamp, which is an exchange platform that has more liquidity than Bitvavo, it is fair to speculate that the tokens were sent with the intent of selling them in the coming few days. This may lead to a significant drop in the remittance token’s price, depending on how quickly the tokens are sold off.
At press time, CoinMarketCap indicated that XRP’s price had dropped over the past 24 hours. According to the market tracking website, the altcoin was changing hands at $0.5162 following a 2.35% drop during the past day of trading. Notably, the negative daily performance also dragged the altcoin’s weekly performance into the red zone – bringing it down to -0.61%.
Technical indicators suggested that short and medium-term momentum for XRP was in favor of sellers at press time. This was evident in the fact that the 9-day EMA line was positioned below the 20-day EMA line. Furthermore, both of these technical indicators were positioned below the 50-day EMA line as well.
If these technical flags are validated, then XRP’s price may drop to $0.4715 in the coming week. This bearish thesis will be invalidated if XRP closes a daily candle above $0.5380. In this scenario, the altcoin’s price may continue to rise to $0.5890 in the next couple of days.
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