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70 Million XRP in 24 Hours, What's Happening?

source-logo  u.today 10 July 2024 14:23, UTC

Two major XRP transactions were spotted earlier today. Tracking service Whale Alert revealed that more than 70 million XRP coins have been sent to two major crypto trading platforms. This comes amid a slight recovery of the XRP price after the recent market dump.

In the first transfer, an unknown wallet sent about 33.78 million coins to crypto exchange Bitstamp. This transaction was worth around $14.67 million based on the current price of XRP. In the second transfer, another unknown wallet moved around 36.52 million XRP coins to trading platform Bitso. It was estimated to be worth around $15.84 million.

The collective value of these XRP transfers is estimated to be around $30 million. This is a major amount of coins sent to crypto exchanges. The purpose of these transactions appears to be a sell-off. Traders typically send tokens to trading platforms from their wallets to reduce their holdings.

In this case, these crypto traders have initiated a major sell-off of 70 million XRP coins. Typically, such developments leave a bearish impact on a coin. XRP may also struggle amid this intense selling pressure. However, it is also true that it will not be a long-term scenario.

XRP price eyes recovery

Amid today’s sell-off, the XRP price is trying to recover from its recent losses. As of writing time, the brainchild of Ripple is trading at $0.4406. While the price has increased 1.43% in the last 24 hours, it still has to secure more gains to shed the recent losses.

A positive sign for the XRP token's price is that its RSI has entered a bullish zone. Currently at the value of 41, it is signaling that XRP may soon enter an uptrend. The RSI range of 40-50 is currently acting as support, and it means that XRP is not facing any bearish pressure.