XRP Whales Move 63 Million XRP As Price Slips Below $0.57
XRP, the cryptocurrency backed by Ripple Labs, has sparked speculation in the crypto market with significant whale transfers. On-chain data reveals that over 63 million XRP was transferred to and from exchanges, indicating increasing activity for the token. However, the market charts for XRP show notable declines, raising further questions about its performance.
XRP Whale Transactions: A Detailed Report
According to blockchain tracking platform Whale Alert, two whale transactions occurred on January 10, involving the transfer of 63.36 million XRP worth $36.03 million to and from well-known CEXs (centralized exchanges). One transaction moved 26.4 million XRP worth $15.05 million to Bitstamp, while the other transferred 36.96 million XRP worth $20.98 million from MEXC to an unknown wallet.
MEXC is a leading player in the world of crypto exchanges.
XRP Price Plunges
The price of XRP has fallen by 1% in the past 24 hours and is currently trading at $0.5661. Additionally, it has experienced a weekly plunge of 11.19%. However, crypto market analyst Cryptoes believes that a bullish trend is emerging on the 4-hour chart and predicts that the diagonal resistance will be just above $0.58.
Hot Take: Uncertainty Surrounding XRP’s Future
The recent whale transactions involving XRP have sparked optimism among crypto enthusiasts due to increased on-chain activity. However, the declining market charts for XRP raise concerns about its future performance. With ongoing legal battles between Ripple and the SEC, including a damages investigation deadline set for February 12, 2024, the future of XRP remains uncertain. Traders and investors should closely monitor market trends and legal developments to make informed decisions regarding XRP.
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