XRP Whale Movement Raises Concerns of a Potential Price Dump

In January 2018, XRP hit an all-time high of $3.317. Since then, it has never come close to that price again.

A total of 703 million XRP tokens were moved by one whale wallet, according to two alerts highlighted by Whale Alert. The XRP whale moved 337 million tokens, valued at roughly $146 million at the time, to the Bitstamp exchange in the first transaction. The whale then transferred 365 million XRP tokens, valued at roughly $158 million, to the Bitso crypto exchange. Together, these transactions are valued at roughly $305 million.

Although the whale hasn’t yet sold these coins, the transactions might point to a forthcoming price drop. The price of XRP has already fallen below the 20 and 50 MAs, according to the monthly chart. Only the 100 MA is currently maintaining the price. If the whale sells these tokens, it might cause the price to fall significantly. The next level of support for XRP is $0.169.

The price has fallen below all three MAs on the weekly chart, which now serve as resistance. XRP was moving in an uptrend from November 2022 to April 2024, but it has since crossed below the trend line and all moving averages (MAs). The RSI is at 36.70, indicating an oversold condition.

Despite XRP forming green candles in the past two days, the whale movement still poses a risk of a price drop. According to Defillama, XRP’s trading volume has decreased significantly. The most dramatic drops occurred on Bitget and Bybit, both of which saw a 62% decrease.

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