XRP Price in Trouble? Whale Movement Sparks Sell-Off Fears
Zafar Naik10 Jul 20242 min read
Remember those crazy days of January 2018, when XRP skyrocketed to a staggering $3.317? Well, those days seem like a distant dream now. Since then, XRP’s price has been stuck in a rut, and a major roadblock seems to be the ongoing SEC vs. Ripple lawsuit. While the XRP community remains strong, regulatory approval feels like the missing piece of the puzzle. But here’s the twist: a recent whale wallet movement has sparked fears of a potential price dump.
Could this be the end of the road for XRP, or is there still hope? Dive deeper to find out!
Whale Moves Millions: Is a Dump Imminent?
Whale Alert has flagged two major transactions by an XRP whale, moving a whopping 703 million Ripple tokens across two exchanges.
In the first transaction, the whale sent 337 million XRP tokens worth $146 million to the Bitstamp exchange. Shortly after, the whale transferred 365 million XRP tokens worth $158 million to the Bitso crypto exchange. The total worth of these transactions is $305 million. The whale hasn’t sold these coins yet, but these transactions indicate a potential price dump.
Technical Indicators Flashing Red
XRP’s monthly chart reveals that the price has fallen below the 20 and 50 moving averages (MAs), with only the 100 MA currently offering support. A sale of these tokens by the whale could trigger significant market turbulence, likely driving the price down to the nearest support level of $0.169.
On the weekly chart, XRP’s price has dipped below all three MAs, which now serve as resistance. From November 2022 to April 2024, XRP enjoyed an uptrend, but it has since fallen below the trend line and all MAs. The Relative Strength Index (RSI) is at 36.70, indicating an oversold condition.
Market Gives Mixed Signals
Despite XRP forming green candles over the past two days, the whale’s movements continue to cast a shadow of potential price decline. Data from Defillama indicates a significant drop in XRP’s trading volume, with Bitget and Bybit experiencing notable declines of 62%.
It’s uncertain whether the whale’s actions signal an impending sale or are merely a market scare tactic. However, it’s widely believed that whales move coins to exchanges to offload them. The coming days will reveal XRP’s price direction. While the hourly chart looks positive, other charts suggest a downward trend.
Stay tuned as we monitor these developments to see where XRP’s price heads next.
Read Also: XRP Lacks Key Elements Like ‘Customer Demand’ for ETF Approval; Solana Meets All Criteria
