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Cryptocurrency News Articles
XRP Whale Dumps Millions of Tokens as XRP Price Could Soar by 20% to the $0.75 Level
Sep 19, 2024 at 05:54 am
XRP whale has dumped a significant 18.03 million tokens, worth $10.39 million to the Bitstamp. XRP price could soar by 20% to the $0.75 level if it closes
A large XRP whale has moved 18.03 million tokens, valued at $10.39 million, to the Bitstamp cryptocurrency exchange, according to the blockchain transaction tracker Whale Alert. The XRP whale transaction is being reported on Whale Alert’s X (Previously known as Twitter) page, as the blockchain transaction tracker is now banned from the microblogging platform. “18,030,000 XRP (10,394,008 USD) transferred from unknown wallet to Bitstamp,” reads the transaction post by Whale Alert. However, the transaction details on BscScan show that the XRP tokens are being transferred from an unknown XRP wallet address (r4Zo…) to the Bitstamp cold storage wallet address (r3gW…). This massive XRP dump is occurring amid a bearish phase in the cryptocurrency market. At press time, XRP is trading at $0.578, showcasing a price decrease of 1.8%. Meanwhile, its trading volume has surged by 15% during this period. Further technical analysis of XRP on TradingView reveals that the asset is displaying a bullish trend despite the large dump and ongoing consolidation. Notably, XRP is trading above the 200 Exponential Moving Average (EMA). Traders and investors often utilize the 200 EMA to determine whether an asset is experiencing an uptrend or downtrend in its price movement. As evident from the price momentum, XRP may experience an upside rally upon breaking out of the consolidation zone. If XRP manages to close a daily candle above the $0.60 level, it has the potential to soar by 20% to reach the $0.75 level in the coming days. However, XRP may encounter selling pressure at the $0.65 level during this potential upside rally. Only if XRP closes a daily candle above the $0.60 level will this bullish outlook be realized; otherwise, it may fail. On the other hand, XRP’s on-chain metrics are indicating a bearish trend. According to Coinglass, the XRP long/short ratio is currently at 0.96, which suggests bearish market sentiment among traders. Moreover, the futures open interest for XRP has decreased by 5.5% over the last 24 hours. According to the data, 50.85% of top traders are holding short positions, while 49.16% are holding long positions, indicating that bears are dominating the asset.Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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