XRP sell-off: Why millions of tokens moved on exchanges are at a loss

According to Whale Alert, millions of XRP tokens have changed hands in the last 24 hours. Whale Alert reports two massive XRP transactions carrying millions of tokens into cryptocurrency exchanges.

First, 20,100,000 XRP worth $11,482,755 was transferred from an unknown wallet to Bitso. Additionally, a total of 26,100,000 XRP worth $14,920,214 was transferred from an unknown wallet to Bitstamp. This amounts to 46.2 million XRP, which is worth approximately $26 million.

🚨 26,100,000 #XRP (14,920,214 USD) transferred from unknown wallet to #Bitstamphttps://t.co/QdiEbTLLix

— Whale Alert (@whale_alert) January 17, 2024

There are various reasons why tokens are moved around exchanges; one of the reasons is the sale, even if the main reasons for the aforementioned sales remain unknown.

The latest XRP transfers have coincided with a significant drop in the token’s price, which has fallen from $0.593 at the start of the week to $0.562 at the time of writing. Notably, XRP has been declining since Monday and could mark the fourth consecutive day of losses if today ends in the red.

XRP Price Action

At the time of writing, XRP fell 1.27% over the past 24 hours to $0.562. This comes on top of a decline of more than 5.89% over the past seven days.

TradingView

Excitement over the SEC’s approval of a Bitcoin ETF, sought after by the crypto community for more than a decade, triggered inflows of $1.18 into the market last week. XRP recorded staggering inflows totaling $2.2 million.

However, the market reversed as the euphoria faded, with several cryptocurrencies recording profit-taking, including XRP. The bulls’ attempts to restart the uptrend ran into a wall at the high of $0.593 on January 14. Currently, all indications suggest that the bears may be in control.

To invalidate the downtrend, bulls may have to push XRP above the daily MA 200 at $0.583 and initiate a relief rally towards the daily MA 50 at $0.61, $0.67 and finally $0.74 .

However, if XRP breaks down below the $0.56 support level, the selling could intensify. This would pave the way for a decline to $0.50, then to $0.46.

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