XRP News Now: Ripple’s Sell-off Sparks Market Turmoil—Who’s Selling and Why?
Ripple’s native token XRP appears bearish and is poised for a price decline as whales have moved millions of tokens to centralized exchanges. XRP has been in consolidation mode for nearly three weeks, during which whales transferred a significant 23.5 million tokens worth $13.63 million to exchanges, according to the on-chain analytics firm CryptoQuant.
It appears that whales are losing interest in XRP, which may create a negative impact on its price. According to CryptoQuant data, during the period of XRP’s consolidation, the exchanges reserve has been continuously rising, which is a negative sign.
When crypto whales or institutions move their holding to exchanges, it is often considered a sign of a potential sell-off.
At press time, XRP is trading near $0.585 and has experienced a price decline of over 1% in the past 24 hours. During the same period, its trading volume has increased by 3%, indicating higher participation from traders amid ongoing consolidation.
According to CoinPedia’s technical analysis, XRP is in an uptrend as it trades above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.
Additionally, XRP is in a consolidation zone between the $0.56 and $0.598 levels. A breakout from this zone on either side will provide a clearer picture of whether it will rally upside or crash.
Based on the historical price momentum, if XRP breaks out of this zone and closes a daily candle above the $0.60 level, there is a strong possibility it could soar by 20% to reach the $0.72 level. On the other hand, if it breaks down the zone and closes a daily candle below the $0.545 level, a price crash of over 14% could occur.
Currently, XRP’s open interest remains stable with no major changes observed in the last 24 hours, indicating that traders are waiting for a consolidation breakout.
Even after FTX collapse, the exchange isn't stepping out of the spotlight. In the latest…
The Tornado Cash victory against OFAC is a major milestone for the web3 and DeFi…
The push for the Arizona Governor, Katie Hobbs, to sign the SBR has already begun. …
Several technical indicators suggest the YTD correction for ADA price has already hit the bottom.…
XRP price is referred to as a sleeping giant, as the crypto has demonstrated some…
Chainlink price failed to breach a crucial resistance level above $15 in the recent mild…
