Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»EXCHANGE NEWS»Massive $29.3 Million Whale Trade Threatens XRP Prices with More Selling Pressure
EXCHANGE NEWS

Massive $29.3 Million Whale Trade Threatens XRP Prices with More Selling Pressure

By Crypto FlexsFebruary 8, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Massive .3 Million Whale Trade Threatens XRP Prices with More Selling Pressure
Share
Facebook Twitter LinkedIn Pinterest Email

The XRP price has yet to recover from the latest attack, which led to Ripple co-founder Chris Larsen being hacked and 213 million XRP worth $120 million stolen. This appears to have further alarmed the depleting whale account base, as on-chain data indicates that XRP whales have already moved out of their positions over the past few weeks.

In particular, on-chain data from whale trading tracker WhaleAlerts indicates that: Recent Transactionsn out of 29 million XRP tokens were transferred from an unknown wallet to cryptocurrency exchange Bitstamp.

Massive XRP whale transfer to cryptocurrency exchange

The behavior of whales and large holders of cryptocurrencies always seems to indicate the nature of general market sentiment. For example, XRP has been under selling pressure over the past week. This is because the price of the cryptocurrency is currently down 5.51% in 7 days.

However, recent data indicates that: continued selling pressure In the near future. For example, according to Whale Alert, 29 million XRP worth $14.7 million was transferred to Bitstamp. Similarly, 28.85 million XRP worth $14.6 million was sent to Bitstamp in another transaction. The nature of these trades likely means whales dumping their holdings, and a move like this could portend further declines.

🚨 28,850,000 #XRP (14,628,631 USD) was transferred from an unknown wallet to: #bitstamphttps://t.co/ujvPfK3ezM

— Whale Alert (@whale_alert) February 5, 2024

On-chain data from the Santiment Supply by Addresses indicator, which tracks the number of wallet addresses holding more than 1 million XRP tokens, tells a similar story. According to this metric, the number of addresses in this category has been steadily increasing, reaching 1,986 on January 28. This figure decreased to 1,957 on February 3, which indicates that 29 whale wallets reduced their holdings during this period. As of this writing, the metric is 1,962 wallets.

Source: Santiment

Will XRP price selling pressure continue?

XRP fell below $0.50 for the first time since October after news of the recent hack broke. However, the price has since recovered slightly from $0.49 and is trading around $0.50 at the time of this writing.

Despite a 27.43% increase in trading volume, the XRP price failed to register any gains in the last 24 hours and fell by 0.35%. Over a larger period, the cryptocurrency fell 10.6% in 30 days, with price movements indicating the formation of lower highs and lower lows. As a result, if selling pressure continues and the current minor support at $0.501 is not maintained, XRP could fall lower and form a lower low around $0.48.

According to cryptocurrency analyst EGRAG CRYPTO, known for its bullish stance on XRP, believes the current downturn is the perfect opportunity. Accumulate more tokens It suggested that the price of XRP could soon soar to $22.

XRP price chart on Tradingview.com

XRP price struggles amid unfavorable market headwinds | Source: XRPUSD on Tradingview.com

Featured image from U.Today, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Pudgy Penguins

August 28, 2025

Will Cardano (ADA) step back and push the bear back low?

August 22, 2025

Ether Lee’s price retreat, a market for watching $ 4,200 for the next movement

August 19, 2025
Add A Comment

Comments are closed.

Recent Posts

Metaplanet’s bitcoin strategy is having trouble with stock plummet in the crisis of financing.

August 31, 2025

Next chapter of ecosystem support program

August 31, 2025

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

BNB price forecast: Target $ 890- $ 900 in September 2025.

August 31, 2025

After BTS Star Jungkook has 39 billion hacking, South Korea will crack down on encryption fraud.

August 30, 2025

FY Energy Offers Industry-leading Cloud Computing Systems, Offering Opportunities For Daily Passive Income Of $7,580 Through Mining.

August 30, 2025

Four coins to be purchased as decisions for five branch XRP ETFs will be pushed until October.

August 30, 2025

Ethereum-Based Meme Project Pepeto ($PEPETO) Surges Past $6.5M In Presale

August 29, 2025

Use Australia’s Top Cloud Mining Tools To Become A Millionaire!

August 29, 2025

Bitcoin is under pressure with gold aiming to be the highest ever.

August 29, 2025

The US government posts GDP data on Bitcoin block chain.

August 28, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Metaplanet’s bitcoin strategy is having trouble with stock plummet in the crisis of financing.

August 31, 2025

Next chapter of ecosystem support program

August 31, 2025

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025
Most Popular

Demand for limited Raffle Coin (RAFF) pre-sales surges as experts predict 100x increase amid surges in Solana (SOL) and Shiba Inu (SHIB).

March 6, 2024

Consensys founder Joe Lubin says US regulators were ‘asleep at the wheel’

July 10, 2024

Bitcoin Traders Reject YOLO After BTC Almost Reaches $110,000 Why are you waiting?

January 20, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.