Amid the ongoing downturn, a significant XRP whale wallet identified as “r4wf7” has been actively transferring substantial amounts of XRP to Bitstamp. Over the past four days, this wallet has moved more than 27 million tokens, valued at approximately $16 million, to the exchange. According to blockchain transaction tracker Whale Alert, the whale made another major transfer of 26.7 million XRP tokens, worth $15.3 million, to Bitstamp today.
108 Million XRP Tokens Transferred to Bitstamp
In total, this whale has transferred over 108 million XRP, equivalent to $64 million, to Bitstamp over four consecutive trading days. These large, consistent transfers at the same time each day are raising concerns among investors and could potentially impact the price of XRP.
Since these token movements began, XRP price has been on a downward trend. Over the last four days, the cryptocurrency has experienced a decline of more than 9%, according to TradingView data.
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XRP Price Analysis
Currently, XRP is trading near the $0.57 level, having experienced a price drop of over 5% in the past 24 hours. Additionally, XRP trading volume has decreased by 6.5% during this period, suggesting reduced participation from traders and investors.
Despite the recent downturn, XRP has seen a price increase of over 14% over the past seven days when considering a longer time frame.
XRP Price Prediction
According to expert technical analysis, XRP appears bearish, with a strong possibility of falling another 15% in the coming days. The expected price drop is attributed to ongoing resistance from the descending trendline. Historically, when XRP approaches this trendline, it tends to experience a significant price decline, and the current situation suggests the same pattern may repeat.
Additionally, XRP’s open interest has decreased by 4.5% in the last 24 hours, indicating waning interest from investors and traders.
Cre: coinpedia
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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