Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
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

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Dogecoin (DOGE) after collision

June 23, 2025

Litecoin Key Support in Focus Price Eye Brake Out Determination

June 20, 2025
Add A Comment

Comments are closed.

Recent Posts

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 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

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025
Most Popular

Everybody wants the SEC’s fake news to become real

January 10, 2024

Michael Saylor Delivers Bitcoin Masterclass to Fortune 1000 Companies

May 3, 2024

Fly Wing in Matrixport has a major payment license in Singapore’s MAS.

March 12, 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.