Whales Move Significant Chunk Of XRP Tokens As Price Trends Sideways
May 10 2023 - 10:00AM
NEWSBTC
Ripple Labs and top whale addresses have transferred 218 million
XRP tokens in six transactions. These tokens are worth
approximately $81 million at the time of the transactions. Whales
Get Busy As Ripple Unlocks Escrow Tokens Whale alert reports that
XRP whales moved 168 million XRP across five transactions with the
first transaction involving moving 50 million XRP from Crypto.com
to an unidentified wallet address. 🚨 🚨 50,000,000 #XRP (21,874,438
USD) transferred from #CryptoCom to unknown
wallethttps://t.co/WHqc8giQWt — Whale Alert (@whale_alert) May 8,
2023 Also, another wallet address transferred 31 million XRP tokens
to the Bitstamp exchange, and two Bittrex wallets exchanged 30
million XRP. Related Reading: Litecoin (LTC) Falls Under $80, Is It
Time To Buy Now? The most recent whale transaction was the transfer
of the batch was 28 million XRP tokens from an unidentified wallet
to the Bitstamp exchange. On the other hand, Ripple moved 50
million XRP tokens worth $21.4 million on May 9. Although the tweet
from whale alert says Ripple sent the tokens to an unknown address,
Bithomp reveals that the receiving wallet belongs to
Ripple. Also, this receiving wallet distributed 7.3 million
tokens to several addresses. These 50 million XRP tokens are
part of Ripple assets recently released from escrow protection in
May 2023. Ripple Labs unlocked 1 billion tokens on May 1 to fulfill
its monthly escrow executions. However, they returned 700 million
XRP to escrow, leaving 300 million tokens. Due to the massive move
of coins from Ripple, some Twitter users implied the company was
dumping the asset. However, another user negated the impression
that dumping would require transferring to Ripple or
exchanges. Notably, an attorney supporting Ripple, Bill
Morgan, implied that Ripple does not dump its assets in the market.
Instead, Ripple buys many XRP tokens for other transactions to meet
its growing ODL demand. XRP On A Path To Recovery? XRP is
experiencing price volatility as it seeks to mount a price
recovery. However, its trading volume is down over 20% today, which
might hinder its price recovery efforts. The asset is in a sideways
trend, struggling to shake the prevalent bearish pressure. The
downward movement has stopped as it bounced off the $0.41 price
level. It is currently trading above its 200-day Simple
Moving Average (SMA), a bullish signal for the asset. It implies
that its price will likely increase in the long term. Its
Relative Strength Index (RSI) is 33.20 and close to the oversold
region, a bearish signal. Notably, this indicator is moving
sideways, reflecting the current price behavior of the asset today.
Also, XRP’s Moving Average Convergence/Divergence (MACD) is below
its signal line and shows negative values. It implies that the
bears are still active in the market. The coin found support
at $0.41353 to move to its current level of $0.43. A decline below
$0.41 would drive the asset down to the $0.40141 support and into a
downtrend. It faces the $0.43374 price level as its closest
resistance, and a break above it will help the asset to retest the
$0.44586 resistance level. Expect further price increases ahead if
the bulls prevail. Featured image from Pixabay and chart from
Tradingview
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