In the last 24 hours, an intriguing movement of 19 million XRP was detected, sparking discussions amidst a period of price suspense.
In the last 24 hours, an intriguing movement of 19 million XRP was detected, sparking discussions amidst a period of price suspense.
As the cryptocurrency market goes through a phase of anticipation and speculation, a notable transaction involving 19 million XRP has caught the attention of the crypto community.
This substantial move, valued at millions of dollars, raises questions about the intentions behind the transfer and its implications for the market. He XRP transfer from Bitget, a Seychelles-based cryptocurrency exchange, to Binance are adding to the intrigue around the move.
The transaction was spotted by blockchain data trackers and immediately sparked interest due to its size and timing. According to crypto data tracker Whale alert19,859,999 XRP worth $10,002,927 were transferred from Bitget to Binance.
The XRP transfer comes at a time when the market is on edge and investors are closely watching price movements for signs of what will happen next. While the exact purpose of the transfer is yet to be revealed, it is not uncommon for large sums of XRP to be moved to meet the liquidity needs of exchanges.
At the time of writing, XRP was up 0.46% in the last 24 hours to $0.504 as the market continued to struggle.
After hitting a low of $0.423 on April 13, XRP has generally stabilized in a price range of $0.464 to $0.57. The formation of a death cross, which has historically served as a major or interim price bottom for XRP, adds to price expectations.
That being said, a break above the daily moving averages of 50 and 200 could be the first sign of strength for XRP price, triggering a further bullish rise towards $0.668 and eventually $0.744.
On the other hand, support is anticipated around $0.46, a level that has halted XRP price declines twice since mid-April. If the declines persist, XRP price could target the next level of $0.42 as support.
