The price of XRP has witnessed a sharp decline following a long period of consolidation raising concerns about the possibility of breaching the $0.5 mark. Amid the growing doubt among investors, whales are shifting millions of coins between wallets and crypto exchanges.

According to recent data, about 64.5 million XRP coins have been transferred between popular centralized crypto exchanges and wallets in the last 24 hours. This has birthed mixed sentiments among market participants as the buying and selling pressure continues to mount.

Over 64.5 Million XRP Coins Changed Hands in a Day

Prominent large crypto transaction tracker Whale Alert has reported two notable transactions over the last day carrying at least 30 million XRP each. According to the data, the first transfer carried exactly 31,650,000 XRP (valued at $15.1 million) from a wallet to the Luxembourg-based exchange Bitstamp. It is important to note that the wallet behind this transfer is the prominent ‘r4wf7…4Rzn’ address known for moving millions of XRP almost daily.

About 7 hours later, another whale emerged, accumulating 32,894,969 XRP (worth $15.7 million) from Binance, the largest crypto exchange by trade volume, to a wallet labeled ‘unknown.’ The total amount of XRP transferred in both transactions equaled 64,544,969 with a total value of $30.8 million).

32,894,969 #XRP (15,759,080 USD) transferred from #Binance to unknown wallethttps://t.co/ImnsBsN3W8

— Whale Alert (@whale_alert) June 12, 2024

While a substantial transfer as such to a crypto exchange might signify a sell-off, a transfer from a crypto exchange to an external wallet often represents accumulation, translating to growing confidence in the said project. This has sparked interest and triggered mixed signals among observers. Consequently, XRP has joined the broader crypto market to trade in the red zone as it showcases a turbulent price trajectory amid these whale movements.

XRP Price Today

As initially stated, XRP has witnessed a notable decline in its value over the last day. According to data from CoinMarketCap, the coin is currently changing hands at 0.48%, representing a 1.12% decline at the time of writing. What is more, XRP trading volume over the last 24 hours has also taken a significant hit, dropping by 11.65% to $1.1 billion.

Source: CoinMarketCap

Furthermore, XRP has traded between the lows and highs of $0.4724 and $0.4871 which signifies an 85.5% drop from its all-time high of $3.40 reached in January 2018. The downside pressure on XRP is evident in its Relative Strength Index data which has dipped to the 36.2 mark.

The post XRP Price Decline Raises Uncertainty For $0.5 Breach as Whales Continue to Move Millions of Coins appeared first on Coinfomania.