The post XRP Whale Moves 54 Million Tokens to Bitstamp, Selloff Incoming? appeared first on Coinpedia Fintech News
In the last 24 hours, an XRP whale wallet address “r4wf7” moved a significant 54.4 million tokens worth $31 million to the Bitstamp wallet address “rDsbeomae4…g9vDiTCdBv,” as reported by the blockchain transaction tracker Whale Alert. The owner of this wallet is still unknown.
XRP Whale Transferred 54M Tokens to Exchange
Additionally, the whale transferred these massive tokens through two separate transactions of the same amount within 24 hours.
27,050,000 #XRP (15,403,350 USD) transferred from unknown wallet to #Bitstamphttps://t.co/ivxxMRjVnm
— Whale Alert (@whale_alert) August 12, 2024
Despite this massive tokens transfer, XRP is still trading above $0.567 and has experienced a price surge of over 2.3% in the last 24 hours. Meanwhile, its trading volume has also increased by 45% during the same period. This rise in the trading volume suggests higher participation from traders and investors.
XRP Price Prediction
According to expert technical analysis, XRP is at a crucial support level and also at the 200 Exponential Moving Average (EMA) on both the 4-hour and daily time frames. However, in the last four trading days, it has been continuously falling in a lower high and lower low pattern in a 4-hour time frame.
Source: Trading View
Currently, it is at a lower high area. Based on the price action, there is a high possibility it could fall 7%-8% to the $0.52 level and make a new lower low in the coming days. Additionally, XRP could only experience an upside move if it could give a breakout of the recent lower high and close a candle above the $0.58 level.
Major Liquidation levels
As of now, the XRP’s major liquidation levels are at $0.552 on the lower side and $0.585 on the upper side, according to data from the on-chain analytic firm CoinGlass.
If market sentiment changes and XRP’s price soars to the $0.585 level, nearly $6.51 million of the short position will be liquidated. Conversely, if the sentiment remains unchanged and the price reaches the $0.552 level, nearly $9.31 million of the long position will be liquidated.
