Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure
February 06 2024 - 3:00PM
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The XRP price has yet to recover from the latest exploit, which
resulted in Ripple’s co-founder Chris Larsen being hacked and 213
million XRP worth $120 million carted away. This seems to have
further spooked a depleting whale account base, as on-chain data
points to XRP whales already exiting their positions in the past
few weeks. Particularly, on-chain data from whale transaction
tracker WhaleAlerts points to a recent transaction of 29 million
XRP tokens transferred from an unknown wallet to the crypto
exchange Bitstamp. Massive XRP Whale Transfer To Crypto Exchange
The actions of whales or large holders of cryptocurrencies seem to
always tell the nature of general market sentiment. XRP, for
instance, has been under selling pressure in the past week, as the
crypto is currently down by 5.51% in a 7-day timeframe.
Related Reading: Chainlink (LINK) Price Breaks Out Of Bullish Flag
Pole, Here’s The Next Target However, recent data points to
continued selling pressure in the near term. For instance,
according to whale alerts, 29 million XRPs worth $14.7 million were
sent to Bitstamp. Similarly, 28.85 million XRP worth $14.6 million
was sent to Bitstamp in another transaction. The nature of these
transactions likely points to whales dumping their holdings, and
moves like this could foreshadow further declines. 🚨 28,850,000
#XRP (14,628,631 USD) transferred from unknown wallet to
#Bitstamphttps://t.co/ujvPfK3ezM — Whale Alert (@whale_alert)
February 5, 2024 On-chain data from Santiment Supply by Addresses
metric, which tracks the number of wallet addresses holding more
than 1 million XRP tokens, tells a similar tale. According to this
metric, the number of addresses in this category saw a steady
increase, reaching 1,986 on January 28. This figure dropped to
1,957 on February 3rd, which indicated that 29 whale wallets cut
down on their holdings during this period. At the time of writing,
the metric stands at 1,962 wallets. Source: Santiment XRP Price
Selling Pressure To Continue? XRP recently crossed below $0.5 for
the first time since October after news of the hack broke out.
However, the price has since made a slight recovery from $0.49 and
is trading at the $0.50 level at the time of writing. Related
Reading: Bitcoin To $45,000 Or $30,000? Analyst Reveals Key Factor
That Will Drive The Decision Despite seeing a 27.43% increase in
trading volume, the XRP price has failed to post gains in the past
24 hours and is down by 0.35%. On a larger timeframe, the crypto is
down by 10.6% in 30 days, with price movement indicating the
formation of lower highs and lower lows. Consequently, if the
selling pressure continues and the current minor support at $0.501
fails to hold, XRP could break below to form a lower low around
$0.48 According to crypto analyst EGRAG CRYPTO, known for his
bullish stance on XRP, the current decline is a perfect opportunity
to accumulate more tokens while suggesting the XRP price could
spike to $22 very soon. XRP price struggles amid unfavorable market
headwinds | Source: XRPUSD on Tradingview.com Featured image from
U.Today, chart from Tradingview.com
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