Crypto News

XRP Struggles With Bearish Sell-Off Pressure As Huge Transfers To Exchanges Raise Concerns

XRP, the cryptocurrency related with Ripple, is presently exploring a descending trend, impacted by prominent enormous transfers to exchanges, as per data insights from Whale Alert. These transfers, is possibly demonstrating how critical investors are liquidating their holdings and then, have contributed to the present bearish sentiment encompassing XRP.

The data from Whale Alert features significant XRP transactions:

  1. Notable 100,000,000 XRP (66,074,002 USD) was moved from an unknown wallet to another unknown wallet.

2.About 23,400,000 XRP (15,152,357 USD) was also moved from an unknown wallet to the Bitstamp exchange.

  1. Lastly, about 24,700,000 XRP (15,979,199 USD) was notably moved from an unknown wallet to the Bitso exchange.

$XRP Price Action Following These Recent Events

Following a new surge in XRP’s value, arriving at a pinnacle of $0.72, its most noteworthy since July, a feeling of excitement among buyers was tangible. So, Long-term XRP holders, who have endured through the difficulties presented by the SEC lawsuit, exploited the price increment by selling portions of their holdings. Of course, this is to benefit from their well deserved gains.

At present, XRP is being exchanged at $0.6539, mirroring a 6.79% drop as of now. The market elements are firmly monitored as the cryptocurrency community notices the effect of these enormous transfers on XRP’s short-term direction.

The cryptocurrency market’s aversion to critical transactions highlights the significance of monitoring on-chain exercises for insights into potential market developments and investor sentiments. As XRP encounters this time of uplifted volatility, market members should stay watchful for additional advancements that could shape its price action.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: iloveotto/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *