Whale’s Move: $19.5 Million XRP Shifted To Exchange, Massive Sell Off On The Horizon?
November 29 2023 - 3:00PM
NEWSBTC
Whale Alert, a renowned blockchain tracker, reported a substantial
transfer of XRP tokens to the Bithumb crypto exchange. This
transfer, involving over 32 million XRP tokens valued at roughly
$19.5 million, originated from an unidentified wallet and was
executed today at 05:15:10 UTC. The substantial nature of this
transaction places it firmly in the category of ‘whale
transactions,’ which are often scrutinized due to their potential
influence on market dynamics. In the crypto space, such significant
transfers are typically indicative of strategic moves by
influential players within the market. Related Reading: XRP Price
Set For 20% Leap In Coming Days: Crypto Analyst While the specific
intention behind this transaction remains undisclosed, and the
whale’s identity is unknown, its occurrence has not led to any
notable immediate price fluctuations in XRP, with only a marginal
decrease of 0.1% observed so far. Massive Sell-Off On The Horizon?
Historically, the transfer of substantial amounts of crypto to
exchanges by whales has been linked with either an intent to
liquidate or to swap for other digital assets. This makes such
movements anticipated to result in a price drop following a
significant sell-off. However, a technical analysis of the current
situation suggests a different narrative for XRP. Looking at the
asset’s chart on the 4-hour time frame, XRP has recently tapped
into an order block on the sell side, which could signal an
impending price reversal to the upside in trading parlance. Mainly,
an order block in financial markets is essentially a zone where the
initiation or absorption of a large volume of orders occurs. It is
considered a crucial area on price charts, as traders often expect
a reversal when the price taps into these zones. In essence, an
order block represents a consolidation area where significant
trading activities previously took place, and revisiting these
zones can often lead to a shift in market momentum. So far, XRP has
shown signs of reversal after tapping this orderblock.
Particularly, the asset has moved from the price zone of $0.59,
where the order block is located, and surged past $0.61 before
showing a current retracement that brings its price to trade at
$0.60. Bullish Forecasts for XRP Meanwhile, the XRP community has
been witnessing a series of optimistic analyses from prominent
crypto market analysts. Notably, Egrag, a renowned figure in the
crypto analysis sphere, recently shared his insights on XRP,
indicating a potential bullish reversal for the digital asset. #XRP
Inverse Head & Shoulder Formation in progress (UPDATE):
https://t.co/JRvvFEVhBv pic.twitter.com/wy90z4kCO4 — EGRAG CRYPTO
(@egragcrypto) November 29, 2023 His analysis identified an inverse
head and shoulders (H&S) pattern on XRP’s chart, a technical
indicator often suggesting a trend change from bearish to bullish.
Related Reading: XRP On The Verge Of A Surge: Analyst Pinpoints
Next Bullish Targets This positive sentiment is echoed by another
market analyst, Ali Chart, who has projected a promising future for
XRP. Ali’s analysis shows that the altcoin seems to be making a
decisive break from a descending parallel channel. #Ripple | $XRP
appears to be breaking out from a descending parallel channel,
which may result in an upswing to $0.65 – $0.66 for #XRP.
pic.twitter.com/gvfeEMKIDX — Ali (@ali_charts) November 23, 2023
According to his assessment, such a breakout could propel XRP’s
price to the $0.65 to $0.66 range. These analyses collectively
paint an encouraging picture for XRP, hinting at a potential shift
in momentum and opening the possibility for significant price
movements in the near term. Featured image from Unsplash, Chart
from TradingView
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024