In a remarkable development, #XRP , one of the largest cryptocurrencies by global market cap, has recently entered a downward trend, falling to the $0.48 price level amid consolidation. XRP's price trend has decreased further today, and meanwhile XRP whales have taken action to sell approximately 64 million XRP in the last 24 hours.

What's Happening on the XRP Front?

Specifically, on-chain statistics show that two separate whale transactions collectively helped transfer 64.54 million XRP. While one famous whale continues to add assets, another famous whale is shedding assets. According to data revealed by Blockchain data analysis platform Whale Alert, 32.89 million XRP worth $15.75 million was collected on Binance's rarG6FaeYh address. In contrast, address 5XgwHh4Rzn transferred 31.65 million XRP worth $15.14 million to Bitstamp. While one of these processes progresses as an upward factor, the other develops in the opposite direction.

It is worth noting that the address ..Rzn is a well-known XRP whale that constantly transfers funds to the Bitstamp and Bitso exchanges. Meanwhile, whale rarG6… has started collecting XRP amid the cryptocurrency's recent decline near the $0.5 price level.

These transactions sparked mixed feelings among investors regarding the future price trajectory of XRP and stood in stark contrast to each other. Simultaneously, XRP has been showing a turbulent price movement in recent days, mainly in the negative zone, resulting in a turbulent price movement that accompanies these transactions.

XRP Chart Analysis

As of the time of writing, XRP was trading at $0.4814, down 1.28% in the last 24 hours. The token's 24-hour lows and highs are $0.4726 and $0.487 respectively, indicating a tight trading session.

Weekly charts show that the XRP price has been consolidating below the $0.5 level since June 8, with the trajectory finally dropping to $0.48 yesterday. Moreover, the token showed signs of pullback, dropping 8.52% in the same time period. This has raised investors' serious concerns about future movements.

Meanwhile, the RSI fell further, approaching 33, underlining the downward pressure on the asset. However, this could also mean that XRP may reach the oversold zone and continue its price rise.