Two major #XRP transactions were spotted earlier today. Tracking service Whale Alert revealed that more than 70 million XRP coins have been sent to two major crypto trading platforms. This comes amid a slight recovery of the XRP price after the recent market dump.
In the first transfer, an unknown wallet sent about 33.78 million coins. This transaction was worth around $14.67 million based on the current price of XRP. In the second transfer, another unknown wallet moved around 36.52 million XRP coins. It was estimated to be worth around $15.84 million.
The collective value of these XRP transfers is estimated to be around $30 million. This is a major amount of coins sent to crypto exchanges. The purpose of these transactions appears to be a sell-off. Traders typically send tokens to trading platforms from their wallets to reduce their holdings.
In this case, these crypto traders have initiated a major sell-off of 70 million XRP coins. Typically, such developments leave a bearish impact on a coin. XRP may also struggle amid this intense selling pressure. However, it is also true that it will not be a long-term scenario.
XRP price eyes recovery
Amid today’s sell-off, the XRP price is trying to recover from its recent losses. As of writing time, the brainchild of Ripple is trading at $0.4406. While the price has increased 1.43% in the last 24 hours, it still has to secure more gains to shed the recent losses.
A positive sign for the XRP token's price is that its RSI has entered a bullish zone. Currently at the value of 41, it is signaling that XRP may soon enter an uptrend. The RSI range of 40-50 is currently acting as support, and it means that XRP is not facing any bearish pressure.