According to crypto data tracker Whale Alert, 45 million XRP tokens were observed being transferred to major cryptocurrency exchanges in two large transactions.
According to crypto data tracker Whale Alert, 45 million XRP tokens were observed being transferred to major cryptocurrency exchanges in two large transactions.
This major token movement coincided with a notable rise in the price of XRP, which saw a rapid 5% increase in value.
According to data from Whale alerta blockchain tracking platform, there were two major transfers of XRP to major exchanges Bitso and Bitstamp.
The first transaction involved the movement of 19.3 million XRP worth $11,869,522 from an unknown wallet to Bitso. In the second transaction, 25.6 million XRP worth $15,773,929 were transferred from an undisclosed wallet to Bitstamp.
There are several reasons why tokens move to exchanges, one of which is to sell them.
In this sense, these transfers have sparked interest among investors and traders, since large movements of cryptocurrencies to exchanges can sometimes precede selling pressure, causing price fluctuations. However, in this case, the XRP market reacted positively, with a 5% price increase.
At the time of writing, XRP was up 4.47% in the last 24 hours to $0.62.
XRP Price Action
XRP found support at lows of $0.568 on March 20 before posting a strong rebound. The rise continued as of press time, with XRP hitting highs of $0.6254 in Thursday’s trading session.
XRP is on track to validate its recent golden cross formation, a technical analysis pattern that occurs when a cryptocurrency’s short-term moving average crosses above its long-term moving average. This bullish signal is often interpreted by traders and analysts as a potential indicator of an upcoming uptrend in prices.
If the current bounce holds, a break beyond the $0.669 level and ultimately the $0.748 barrier would start a new uptrend for XRP price. On the other hand, the main support is located at the MA 200 at $0.572.
