XRP Whales Move Over $190 Million in the Past 24 Hours
Despite positive expectations that the legal battle between Ripple and the SEC may end in Ripple's favor, XRP's price has shown little reaction and is facing downward pressure as whale movements involving over $190 million have been observed.
Whale Alert has flagged several transactions on November 7th, indicating that significant amounts of XRP, totaling over $190 million, have been transferred between wallets and exchanges.
In the first transaction, approximately 29 million XRP, worth around $13.52 million, was sent to Bitstamp. Within the next hour, another transaction saw 35 million XRP, valued at $16.55 million, moved to FTX from an unidentified wallet.
Shortly after, a third transaction involving $16.63 million was also directed to FTX.
Following this, an additional transfer of $16.5 million was made to Bitstamp.
The most notable transaction involved 310,365,004 XRP, totaling $147 million, being moved to an unidentified wallet.
Typically, whales transferring funds to centralized exchanges (CEX) are interpreted as a sign of profit-taking. If a sell-off does occur, it could significantly impact XRP's price chart and the broader market.
There is also speculation that these moves might be an attempt to create a market wave and could be part of a short-term price pump strategy.
Although XRP's active addresses remain above average, they have dropped by 30% in the past 24 hours. Additionally, XRP's Price DAA (Daily Active Addresses) has begun to show signs of being oversold.
Price DAA Divergence for XRP. Source: Santiment
From a technical perspective, XRP might be gearing up for a downtrend. Currently trading around $0.43, it's uncertain whether this level will serve as a significant support zone in the future.
1-Hour Chart of XRP/USDT on Binance as of 02:10 PM on 08/11/2022
Today's market has witnessed dramatic price dumps, notably the conflict between Binance’s CZ and FTX’s Sam, leading to FTT’s price plummeting to $15. This has been compounded by a series of negative news, creating a domino effect of market turbulence.
