In January 2018, XRP hit an all-time high of $3.317. Since then, it has never come close to that price again. We have been observing for a long time that the SEC vs. Ripple case has halted XRP’s growth. XRP has a lot of community support, but it just needs regulatory backing now. The legal case has largely been in Ripple’s favor, but it seems like a price dump could occur soon. I say this because an XRP whale wallet has shown major movement recently.
Huge Ripple whale movement
Whale Alert highlighted two alerts showing that one XRP whale moved a total of 703 million Ripple tokens in two transactions to two exchanges.
In the first transaction, the whale sent 337 million XRP tokens worth $146 million to the Bitstamp exchange. Shortly after, the whale transferred 365 million XRP tokens worth $158 million to the Bitso crypto exchange. The total worth of these transactions is $305 million. The whale hasn’t sold these coins yet, but these transactions indicate a potential price dump.
Chart’s Data
XRP’s monthly chart shows that the price has already fallen below the 20 and 50 MAs. Only the 100 MA is currently holding the price. If the whale sells these tokens, it could cause significant market turbulence, likely pushing the price down. The nearest support level for XRP is at $0.169.
On the weekly chart, the price has dropped below all three MAs, which now act as resistance. From November 2022 to April 2024, XRP experienced an uptrend, but it has since dropped below the trend line and all moving averages (MAs). The RSI is at 36.70, indicating an oversold condition.
Despite XRP forming green candles in the past two days, the whale movement still poses a risk of a price drop. Data from Defillama shows a significant drop in XRP’s trading volume. The most notable declines are on Bitget and Bybit, both experiencing a 62% drop.
What to expect?
It’s hard to say if the whale’s actions mean they plan to sell or if it’s just to scare the market. However, it’s commonly thought that whales move coins to exchanges to sell them. Soon, we’ll see where XRP’s price is heading. The hourly chart looks positive, but other charts suggest a downward trend.
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