Whale Moves 29.3 Million XRP To Exchange
– A whale moved 29.3 million XRP tokens to Bitstamp exchange, worth over $15 million.
– This has raised concerns among investors, as moving tokens to centralized exchanges usually indicates selling.
– The large stash of tokens could lead to further selling and a potential 20% decline in XRP price.
– The broader crypto market’s negative momentum and Bitcoin’s struggle to recover make this bearish scenario more likely.
– XRP price could fall to the $0.48 territory.
Is All Hope Lost For XRP Price?
– Despite the whale’s move, a massive buy of $1.5 million worth of XRP was reported on the Bybit exchange.
– This led to two quick spikes in the XRP price, indicating buy pressure that could offset the whale selling.
– XRP is still holding above the 200-day moving average, suggesting bullish sentiment in the mid-term.
– While a 20% decline is expected, the decline is likely to be temporary before the digital asset picks back up.
– The situation is still uncertain, and the XRP price could go either way.
Hot Take: XRP Price Faces Bearish Pressure Amidst Selling and Negative Market Sentiment
The recent move of 29.3 million XRP tokens to Bitstamp exchange by a whale has raised concerns among investors. This could lead to further selling and a potential 20% decline in XRP price. However, there are signs of buy pressure and bullish sentiment, with a massive buy reported on another exchange and XRP holding above the 200-day moving average. The overall negative momentum in the crypto market and Bitcoin’s struggle to recover make the bearish scenario more likely. The future of XRP price remains uncertain, and investors should closely monitor the market for any further developments.
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