In this ongoing bearish market sentiment, some traders and investors look to dump their holdings, signaling extreme fear in the market. Recently, blockchain-based transaction tracker Whale Alert made a post on X (previously Twitter) stating that despite bearish market sentiment, an unknown whale has just transferred a massive 300 million XRP tokens worth $130 million from Binance.
300,000,000 #XRP (130,132,907 USD) transferred from #Binance to unknown wallethttps://t.co/kloHJ85eMi
— Whale Alert (@whale_alert) July 8, 2024
Whale transfer 300 million XRP tokens
This massive transfer highlights whales’ interest in XRP amid massive selling pressure and suggests they might be taking advantage of the price drop. Following these massive token transfers from Binance to unknown wallet has gained massive attention from investors and traders.
Despite this massive transfer of XRP tokens to an unknown wallet, the market has already experienced notable dumps of Bitcoin (BTC) and BNB across the exchanges by whales and institutions since morning, as reported by Todayq News.
XRP technical analysis and key levels
According to expert technical analysis, XRP is looking bearish as it is moving below the 200 Exponential Moving Average (EMA) on a daily time frame and is also below an important support level of $0.48. XRP’s price below 200 EMA is a potential sign of bearishness. If XRP on a daily time frame gives a strong candle closing below the $0.41 level then there is a high possibility that the price may fall to the $0.35 level, which is its next support.
Besides this bearishness, the Relative Strength Index (RSI) is at the oversold area, indicating potential recovery in the coming days. Along with the bearish chart of XRP, its Open Interest (OI) in the last 24 hours has dropped by 3.25%. Indicating a lower level of investors’ and traders’ interest.
As of writing, XRP is moving near $0.42, and in the last 24 hours, it remained stable and experienced a 0.2% price drop. Whereas, in the last 24 hours its trading volume has increased by 80%, indicating more investors and trader participation. If we look at the performance of XRP over a longer period, in the last 7 days it experienced nearly a 12% price drop. Whereas, in the last 30 days XRP experienced a 14% price drop.
Whereas, other top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) are in red. According to coinmarketcap, in the last 24 hours BTC, ETH, SOL, and BNB have experienced 2%, 1.5%, 1%, and 0.5% of downside momentum.