XRP Whale Watch: 64 Million Coins Moved Between Exchanges as Price Drops to $0.48

Renowned analytical platform Whale Alert has recently reported two substantial XRP transactions. In a recent X post, the platform highlighted that 31,650,000 XRP, equivalent to $15,145,262, was transferred from an unknown wallet to the exchange Bitstamp. 

In a separate movement, 32,894,969 XRP, valued at $15,759,080, was moved from Binance to an unidentified wallet. These large-scale transfers come amid significant volatility for Ripple’s native token, XRP.

The XRP market has been navigating choppy waters since Ripple’s partial legal victory against the SEC in July. The court’s decision that XRP was not a security in institutional sales spurred an 88% rally in its price, rocketing from $0.55 to $0.93. However, maintaining this price surge has been challenging.

Earlier today, a sharp decline in Bitcoin’s price to below $66,000 triggered widespread selling across the crypto market. XRP wasn’t immune to this downturn, experiencing a 5.3% drop in the last 7 days. Despite this, the token has recovered some losses and trades around $0.4848 at press time.

Technical analysis reveals more about XRP’s current struggles. The cryptocurrency’s relative strength index (RSI) recently fell to 34, indicating it is nearing oversold territory. An RSI drop below 30 could signal a potential price reversal, suggesting a possible uptick if the downward momentum eases.

The bearish sentiment following Bitcoin’s crash has continued to weigh on XRP, pulling its price down to $0.47 at one point. If this negative trend persists, XRP could see further declines to $0.36, with key support expected around $0.42. Conversely, XRP could face resistance at $0.55 if market bulls regain control. Breaking through this level might propel the price toward $0.75.

The recent significant movements of XRP between wallets and exchanges highlight the ongoing volatility and investor caution within the market. These whale transactions and broader market trends keep investors on alert as they watch for signals of potential price shifts. As XRP navigates this turbulent period, the crypto community remains attentive to technical indicators and market sentiment, anticipating the next significant move in XRP’s price trajectory.