š XRP Faces Uncertainty as 36.96M Tokens Moved off MEXC! š¹š
In a recent development, a significant move in the XRP market has left investors on edge. According to Whale Alert X, a massive 36.96 million XRP tokens, valued at $20.98 million, were transferred from MEXC exchange to an external wallet on December 10. This event unfolds amidst a lackluster performance in XRP's price and a weakening buying momentum.
Let's delve into the details and analyze the potential implications for XRP investors.
1. XRP on a Slippery Slope: Price Flounders Amidst Token Transfer
XRP, currently trading at $0.56, has experienced a 10.25% plunge in the last seven days, hovering between $0.55 and $0.58 since January 3. The significant outbound transfer from MEXC to a non-exchange wallet raises eyebrows and suggests that at least one whale remains optimistic about XRP's long-term potential, despite its recent struggles.
2. Buyers' Weakness and Price Forecast:
Analyzing the 4-hour XRP/USD chart reveals a consolidating pattern since January 3, with an RSI of 45.57. The buying momentum appears weak, with repeated attempts to push the price upwards falling short. The Chaikin Money Flow (CMF) dropping to -0.02 further signals selling pressure. If buying strength doesn't regain momentum, XRP might face a potential dip to the $0.55 support level.
š Insights from Coin Edition: "XRP's struggle to retest $0.60 indicates buyer fatigue; a potential dip to $0.55 support if buying pressure doesn't resume."
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