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Whales Continue XRP Sell-Off Streak, $0.42 Becomes Key Resistance Level
At the bottom of the cryptocurrency market Bearish movement today, a renowned XRP whale continued to sell significant amounts of XRP. Notably, on-chain insights from Whale Alert reveal nearly 71 million coins dumped on exchanges in the past day, sparking discussions around XRP’s future price action across the crypto industry.
XRP price is currently under the heat of the broader cryptocurrency market trend, falling to the $0.39 price level. So, let’s evaluate the market statistics for the Ripple-backed asset.
On-Chain Data Signals Whale Dumps
According to data from Whale Alert, 70.9 million XRP, worth $31.29 million, was transferred to two exchanges in a few transactions. According to the data, the whale address, …Rzn, was recorded as having transferred the aforementioned amount.
…Rzn transferred 35.8 million coins, worth $15.80 million, to Bitso, a CEX based in Mexico City. Simultaneously, it transferred 35.1 million coins, worth $15.49 million, to Bitstamp, a CEX based in Luxembourg City.
These dumps have presented XRP with increased selling pressure amid a bear market, causing further downward pressure on the asset. Interestingly, CoinGape Media previously reported that the same whale address has been repeatedly dumping XRP on Bitstamp & Bitso cryptocurrency exchanges. In line with this, a negative market sentiment triggered by whale dumping engulfs XRP.
Meanwhile, despite Curling releasing updates to the network and strengthening its case against the US SEC, the native token, XRP, continues its slow move.
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XRP Price Correction?
At the time of printing, the XRP Price The chart showed a 10.15% drop in value to trade at $0.4056. Its 24-hour lows and highs were $0.3977 and $0.4532, respectively.
Interestingly, in a post by cryptocurrency market analyst Dark Defender today, it was brought to attention that the $0.39 price level serves as the POC (Point of Control). It is where most trading has occurred since 2014, making it a vital support in the current trajectory.
Meanwhile, after consolidating last week, the crypto plunged to form resistance at $0.42. The RSI was moving along 22, signaling an oversold territory for the asset. This could mean a potential price recovery as the market recovers.
Also, pro-XRP lawyer Bill Morgan went on X today, highlighting his purchase of XRP with a strategic buy-the-dip sentiment. This has increased optimism for a price recovery ahead.
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