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<a href="https://bitcoinworld.co.in/ripple-xrp-plunged-after-whales-send-47m-tokens-to-exchanges/" title="Ripple XRP Plunged After Whales Send 47M Tokens to Exchanges" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400;" aria-level="1">The price of Ripple XRP plunged after large XRP whale transfers to exchanges drew market attention.</li> 
 <li style="font-weight: 400;" aria-level="1">Technical indicators suggest a potential for XRP market reversal as analysts remain optimistic.</li> 
</ul> 
Ripple’s XRP token recently drew attention after a pair of whale transfers were picked up by Whale Alert.&nbsp; 
According to the whale tracker, two large transfers moved a total of 46.60 million XRP to centralized exchanges.&nbsp; 
The first transfer saw 23.80 million XRP, valued at about $14.84 million, sent to Bitstamp, while the second moved 24.80 million XRP, worth roughly $15.46 million, to Bitso. 
<h3 id="span-style-font-weight-400-xrp-s-market-performance-amidst-whale-transfers-span">XRP’s Market Performance Amidst Whale Transfers</h3> 
Amid these activities, XRP’s <a href="https://twitter.com/egragcrypto/status/1585847672854175745">price</a> experienced a slight downturn, dropping 1.95% to $0.6358 as of press time.&nbsp; 
<figure id="attachment_60864" aria-describedby="caption-attachment-60864" style="width: 100%" class="wp-caption aligncenter">
 <img fetchpriority="high" decoding="async" class=" wp-image-60864" src="https://bitcoinworld.co.in/wp-content/uploads/XRP-Price-Chart-6-483x300.png" alt="" width="560" height="348" srcset="https://bitcoinworld.co.in/wp-content/uploads/XRP-Price-Chart-6-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/XRP-Price-Chart-6.png 760w" sizes="(max-width: 560px) 100vw, 560px">
 <figcaption id="caption-attachment-60864" class="wp-caption-text">
 XRP Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
Consequently, during the decline, XRP’s market capitalization and 24-hour trading volume dipped by 1.68% and 21.52% to $34,059,801,089 and $1,461,443,740 respectively.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/binance-to-remove-btc-eth-ada-doge-shib-and-xrp-liquidity-pools/" aria-label="“Binance To Remove BTC, ETH, ADA, DOGE, SHIB, And XRP Liquidity Pools” (Edit)">Binance To Remove BTC, ETH, ADA, DOGE, SHIB, And XRP Liquidity Pools</a> 
Despite this, market analysts like Cryptoes remain optimistic about the token’s future. They suggest that a bounce back above a crucial trend line could signal a positive trajectory for XRP.&nbsp; 
Supporting this bullish view, cryptocurrency influencer Egrag Crypto <a href="https://x.com/egragcrypto/status/1585847672854175745?s=20">forecasts</a> a potential XRP value rise to $3.7, citing historical market trends and patterns. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> Super Guppy: 
 This indicator identifies changing trends, breakouts, &amp; trading opportunities by combining 2 groups of moving averages with different time periods. 
 Nothing is financial advice but between Dec 2023 &amp; Feb 2024 will be fireworks for <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> <a href="https://t.co/8S7Pfxe0TW">pic.twitter.com/8S7Pfxe0TW</a> 
 — EGRAG CRYPTO (@egragcrypto) <a href="https://twitter.com/egragcrypto/status/1585847672854175745?ref_src=twsrc%5Etfw">October 28, 2022</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Egrag Crypto’s analysis indicates that investing in XRP could multiply an investor’s portfolio by six to seven times.&nbsp; 
This is especially significant for those holding more considerable sums, positioning XRP as an attractive investment choice.&nbsp; 
The period between December 2023 and February 2024 is highlighted as a critical time frame, with expectations of notable price movements. 
<h3 id="span-style-font-weight-400-xrp-usd-technical-analysis-span">XRP/USD Technical Analysis</h3> 
The Relative Strength Index (RSI) rating of 49.26 and movement below its signal line on the XRPUSD price chart indicate that the market may be experiencing a minor negative momentum.&nbsp; 
However, its upward movement suggests a bullish turnaround is still possible if purchasing pressure intensifies. This pattern suggests a possible market consolidation phase in which buyers and sellers are balanced. 
Additionally, the stochastic RSI trend in the oversold region, with a rating of 6.75, shows that the market is approaching a point of selling exhaustion.&nbsp; 
As a result, there is a chance that the bearish trend will reverse, and the market will become bullish. If the stochastic RSI rating rises above 20, it would indicate the probability of a bullish reversal. 
The post <a href="https://bitcoinworld.co.in/ripple-xrp-plunged-after-whales-send-47m-tokens-to-exchanges/">Ripple XRP Plunged After Whales Send 47M Tokens to Exchanges</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Ripple XRP Plunged After Whales Send 47M Tokens to Exchanges

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