Greed

Solana

Million

Resistance

The post <a href="https://coinpedia.org/price-analysis/xrp-price-critical-week-70-million-xrp-shifts-hands/" rel="noopener noreferrer nofollow">XRP Price Critical Week: 70 Million XRP Shifts Hands</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Recently, the XRP community witnessed a series of notable transactions, as reported by <a href="https://twitter.com/theWhaleAlert" rel="noopener noreferrer nofollow">Whale Alert</a>. Three large transfers of XRP tokens, totaling nearly 70 million, were made to various crypto exchanges, indicating potential strategic moves by the whales.
The first notable transaction involved the movement of 24.9 million XRP tokens, valued at about $15.3 million, to Bitstamp, a well-known crypto exchange. This was swiftly followed by the transfer of 25.2 million XRP tokens, worth approximately $15.54 million, to Bitso, another exchange.&nbsp;
The final in this series was a transfer of 20 million XRP coins, over $12 million in value, to Bybit. These transactions represent substantial movements within the XRP market and are closely watched by investors and enthusiasts for potential impacts on the coin’s value and liquidity.
<h2 class="wp-block-heading" id="h-xrp-s-price-dynamics-resistance-and-support-in-focus">XRP’s Price Dynamics: Resistance and Support in Focus</h2>
At the time of writing, XRP was trading at $0.62, struggling to surpass the $0.65 threshold. This persistent challenge is reflected in daily and weekly charts, where XRP is predominantly in the red, and the market’s Fear and Greed index tilts towards Fear.
Over the past week, XRP’s price dipped by over 2%, with key resistance firmly placed at $0.67 and support around the $0.55 mark. These levels have remained consistent, indicating a steady market without significant bear momentum shifts.
<h2 class="wp-block-heading" id="h-market-anticipation-eyeing-a-potential-breakout">Market Anticipation: Eyeing a Potential Breakout</h2>
Despite the current flat trend, the broader outlook for XRP hints at possible changes. The cryptocurrency has been consolidating between $0.60 and $0.70, forming a triangle pattern in its USDT pair chart.&nbsp;
The $0.60 level provides crucial support and is reinforced by the 200-day moving average trending nearby. This technical setup suggests a higher likelihood of a breakout to the upside. Should this occur, the market could rally toward the $0.70 resistance level and potentially beyond.
Amidst these whale activities and price movements, XRP has experienced a shift in its market position. Recently, it lost its 5th place in total market capitalization to Solana (SOL).

XRP Price Critical Week: 70 Million XRP Shifts Hands

Table of Contents

CoinPedia News

Other articles published on Dec 22, 2023

Chainlink’s White-Hot Staking v0.2 Sparks Buying Stampede Among LINK Traders

Jack Dorsey’s Ocean Mining Pool Embraces Bitcoin Ordinals

Impending Crypto Crash Could Eclipse the FTX Collapse: Shiba Inu Whales on the Move

HTX Exchange Ventures Invests in Academic Labs to Drive Web3 Education Transformation

Solana, Avalanche, and Helium: Leading Crypto Gaints in 2023

3 Best Cryptos Under $1 To Buy In 2024

Join our free newsletter for daily crypto updates!