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Whale Transfers and Technical Indicators: What’s Next for XRP?

CoineditionCoinedition2024/06/07 17:07
By:Coin Edition
  • Whale activity in XRP market signals potential volatility with significant transfers to major exchanges.
  • XRP consolidates between $0.520 support and $0.528 resistance, indicating short-term price stability.
  • RSI at 49.85 and MACD above signal line hint at possible upward momentum for XRP amidst market fluctuations.

Recent large-scale XRP transfers have captured the market’s attention.

Whale Alert reported a 29.85 million XRP transfer (worth $15.52 million) from an unknown wallet to Bitso, followed by a 28.89 million XRP transfer ($15.03 million) from another unknown wallet to Bitstamp.

🚨 29,850,000 #XRP (15,522,089 USD) transferred from unknown wallet to #Bitso https://t.co/xH1ygTWzLM

— Whale Alert (@whale_alert) June 6, 2024

Notably, Ripple transferred 150 million XRP ($78.21 million) to an undisclosed wallet. These substantial movements have heightened scrutiny of XRP’s current market position and price trends.

🚨 28,890,000 #XRP (15,025,812 USD) transferred from unknown wallet to #Bitstamp https://t.co/Xn04UxVynf

— Whale Alert (@whale_alert) June 6, 2024

XRP is currently trading at $0.5245, up slightly by 0.08% over the past 24 hours. Its market capitalization stands at $29.11 billion, ranking it seventh among cryptocurrencies. Trading volume in the last 24 hours reached $1.14 billion, although this marks a 3.13% decrease.

XRP has been trading within a narrow range around $0.524. Key support and resistance levels have emerged: a support level around $0.520, where the price has found a temporary bottom, and a resistance level near $0.528, acting as a short-term ceiling.

The short-term trend appears somewhat erratic, with the price fluctuating between $0.520 and $0.528, indicating a consolidation phase where the price is seeking direction. 

XRP/USD 1-day price chart, Source: Trading view

The Relative Strength Index (RSI) for the one-day period stands at 49.85, suggesting a neutral market sentiment. The MACD indicator, positioned above the signal line with a value of -0.0009, hints at the possibility of upward movement.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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