A big Ripple(XRP) whale made its move, leaving the community stunned after $14,929,313 worth of XRP transferred from unknown wallet to BitStamp. The transfer occurred when the token gained a slight momentum in its price. After this notable movement of funds, the market has closely observed Ripple to predict its future move.
According to Whale Alert, the whale transfer total 24,750,000 of XRP tokens, raising a concern for the XRP community as this move indicates a major selling pressure on the token. The transfer of funds took place in the early hours of trading when XRP was trading at around $0.61 per token.
After the news burst out, the token witnessed a significant change in its price by dropping its value to $0.5951, and currently changing hands at $0.599 according to CoinMarketCap data.
Source: CoinMarketCap
Crypto Whales mostly keep their holdings in private wallets and only transfer them to exchanges when they intend to sell the token. The whales transfer their holdings in the portions to avoid selling pressure on the token, however, in the case of XRP, it is clear that they have the intention to sell XRP at the real-time price.
The proper reason for this sell-off is still unknown, but it is clear that by selling, they can book a certain profit against this holding. As the price difference of XRP is 0.7% from yesterday, this can be a strategic move to buy other coins.
XRP price approaching $0.7
Famous crypto analyst Crypto Tony predicted that XRP to break the bearish trend soon and go for new highs.
He expects XRP to convert the upcoming resistance into support, and when this happens, the cost of the asset will see an upward pull. The price of XRP notices a change of 0.71% in the last 24 hours of trading. In the 7-day graph, the token remains a victim of a bearish market with a negative price change of 2.85%, however, in the 1-month chart, Ripple gained 26.06% in its price.
While talking about the moving averages of the token, the 50-day moving average is currently sloping upward, indicating a strong trend. The 200-day moving average is also heading upward and indicating a strong trend. The RSI of the token stands at 56.5 at the time of writing. In the four-hour time graph, analysts predicts the XRP price, it suggests a bearish trend as the 50-day and 200-day moving averages are bullish.
