Over the past week, people with XRP bags have been transferring coins at a faster rate. These changes can often cause prices to go down even more.
Over the past week, XRP whales have been moving more and more coins. The market outlook, which is still very negative, could be getting worse because of these big changes.
The Whale Alert tracker shows that there have been several large XRP transactions in the last few days.
Over the past week, more than 1 billion units of the asset that can be moved across borders have been moved.
Also, on Dec. 20, XRP worth millions of dollars was still being moved.
The Whale Alert tracker says that in the last 24 hours, more than 500 million XRP have changed hands in just five transactions. At the prices we have now, this is worth around $171 million.
The most was about 14 hours ago, when Binance sent 325.8 million XRP worth $112 million to an unknown wallet.
Whale movements are either attempts to keep an asset away from centralised exchanges or plans to sell if the asset is moved to an exchange.
BeInCrypto said last week that whales were moving XRP, but since then, its price has dropped 13%. This suggests that they might be getting ready to sell, which would drive up prices even more.
The crypto world is waiting for Ripple to make a big announcement. But there isn’t anything solid to go on. As the bear market gets worse, there is also more crypto tribalism between people who like different networks.
The native asset of Ripple, XRP, is getting weaker as it falls another 1% for the day. So, at the time of press, XRP was trading at $0.339. This was on top of a week’s worth of losses.
In the past week, the price of XRP has dropped 12.6% because it couldn’t break through resistance at $0.400. Today, at $0.334, it hit its lowest price in more than a month, and it looks like it will go down even more.
A break below the daily Bollinger bands could mean more losses from a technical point of view. The next level of support is around $0.325, and a drop below $0.300 would be terrible.