Coin Edition -
- Millions of XRP have been sent into exchanges, suggesting a price decline for the token.
- Analysts believe that these whales’ transfers cannot suppress the XRP price action.
- Should accumulation increase, XRP’s first target may be $0.70.
Ripple (XRP) tokens worth $13.32 million have been transferred from an unknown wallet to the Bitstamp exchange, Whale Alert posted on X. The transaction which occurred on December 20 came at a time when XRP was trading at $0.61.
However, the transaction was only one of many large transfers involving XRP. On December 18, a similar transaction took place, involving 26.20 million XRP, and like the recent one, the destination of those tokens was BitStamp.
Impending Sell-Offs Can’t Stop XRP
These movements have brought speculation to the crypto market that XRP may drop below $0.60. This is largely because the transactions indicate a potential sell-off while XRP risks a price decline as a result.
Despite the possibility, some analysts think that it is a good time to buy XRP before the price pumps. One of those analysts is pseudonymous trader CryptoRedQueen who used several indicators to conclude that buying XRP at $0.61 could be profitable.
– Technical Analysis – Pair: $XRP/USDT Timeframe: 1h Current Price 0.6106 Indicators: RSI: 56.53394466 ADX: 15.78516495 EMA10: 0.60832981 EMA20: 0.60832981 EMA50: 0.60832981 EMA200: 0.61697818 Recommendation: BUYAlways DYOR— CryptoRedQueen