As the cryptocurrency market continues to struggle investors and traders are afraid of making new positions in the market. Amid this critical situation, blockchain-based transaction tracker Whale Alert made a post on X that whales have transferred a massive 63.5 million XRP tokens worth $30.6 million to different centralized exchanges, including Bitso and Bitstamp.
XRP whales move 63.5 million tokens
However, this massive transaction occurred in two separate transactions at the same time, according to Whale Alert. In the first transaction, the whale moved 30.37 million XRP tokens worth $14.6 million from Bitstamp. In the second transaction, whale moved 33.2 million XRP tokens worth $16.00 million from the Bitso cryptocurrency exchange.
This massive token transfer signals whales’ interest and confidence in XRP, as it is near a crucial support level of $0.48. However, the wallet address remains unknown. Following this huge transfer, the token price remains stable and moving near the $0.479 level, and in the last 24 hours, it experienced a 0.05% upside move. Additionally, XRP in the intraday also made a high of $0.488. Whereas the 24-hour trading volume surged by 20.5%, which signals higher investors and traders participation.
If we look at the XRP price performance over a longer period, in the last 7 days it is up by 1.2%. Whereas, in the last 30 days, the XRP price is down by nearly 8%.
XRP technical analysis and Key levels
According to expert technical analysis, XRP is at a crucial support level and this might be a make-or-break situation. Additionally, 50 and 200 EMAs (Exponential Moving Averages) are still above the current level which is a sign of bearishness.
This is not the first time XRP has reached this level, since June 2024 there have been several times we have seen XRP here. But, till now we also haven’t seen any daily candle-closing below this support level. If this time XRP gives a strong daily candle closing below the $0.46 level then a massive sell-off we may see in the coming days. However, there is also a possibility that the token may reach the $0.57 level, as it has been moving between the $0.57 and $0.46 levels for the last 3 months.
Besides XRP, on July 2, 2024, we also experienced a massive 2.08 million ChainLink (LINK) tokens worth $30 million accumulation by whales and institutions as reported by Todayq News.
