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70 Million XRP in 24 Hours. What’s Going On?
Mushumir Ass
XRP witnesses intense trading activity amid signs of potential recovery
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Two large XRP transactions were detected earlier today. Tracking service Whale Alert revealed that over 70 million XRP coins were sent to two major cryptocurrency trading platforms. This comes amid a slight recovery in the price of XRP following the recent market dump.
At the first transferAn unknown wallet sent around 33.78 million coins to the Bitstamp cryptocurrency exchange. This transaction was worth around $14.67 million based on the current price of XRP. second transferAnother unknown wallet moved around 36.52 million XRP coins to the Bitso trading platform. It was estimated to be worth around $15.84 million.
The collective value of these XRP transfers is estimated to be around $30 million. This is a large amount of coins sent to cryptocurrency exchanges. The purpose of these transactions appears to be sale off. Traders typically send tokens from their wallets to trading platforms to short their assets.
In this case, these crypto traders initiated a massive liquidation of 70 million XRP coins. Typically, such developments leave a bearish impact on a coin. XRP could also struggle amid such intense selling pressure. However, it is also true that this will not be a long-term scenario.
XRP Price Aims for Recovery
Amid today’s sell-off, the price of XRP is trying to recover from its recent losses. At the time of writing, the original idea of Curling is trading at $0.4406. Although the price has increased by 1.43% in the last 24 hours, it still needs to secure more gains to shake off the recent losses.
A positive sign for the XRP token price is that its RSI has came in a bullish zone. Currently at 41, it is signaling that XRP may enter an uptrend soon. The RSI range of 40-50 is currently acting as support, and this means that XRP is not facing any bearish pressure.
About the author
Mushumir Ass
With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical insight and communicative flair to the crypto space. Having written countless articles, analyses, and market reports, Mushumir has developed a distinct voice that resonates with seasoned and new crypto investors alike.