2024

Millions

Epic

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/xrp-braces-for-breakout-or-breakdown-as-crucial-chart-pattern-looms" rel="noopener noreferrer nofollow">XRP</a>, the seventh largest cryptocurrency, has been underperforming of late; however, this narrative might soon switch if a positive signal holds for its price.
Crypto analyst <a href="https://twitter.com/ali_charts/status/1754817010133803132" rel="noopener noreferrer nofollow">Ali</a> observed on Feb. 6 that the TD Sequential indicator was signaling a buy on the XRP weekly chart, suggesting that XRP might be poised for an upswing lasting one to four weeks.
While optimism remains, whales have begun to make their moves in anticipation of a rebound in the XRP price.
According to Whale Alert, a service that tracks large crypto transactions, a large XRP transaction was detected in recent hours. The transaction involved the transfer of 40 million XRP, worth about $20 million, from Bybit to an unknown wallet.
"40,000,000 XRP (20,054,038 USD) was transferred from Bybit to unknown wallet," <a href="https://twitter.com/whale_alert/status/1755136040937898331" rel="noopener noreferrer nofollow">WhaleAlert</a> reported.
<blockquote>
 🚨 40,000,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> (20,054,038 USD) transferred from <a href="https://twitter.com/hashtag/Bybit?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bybit</a> to unknown wallet<a href="https://t.co/TTCGzi8EMn" rel="noopener noreferrer nofollow">https://t.co/TTCGzi8EMn</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1755136040937898331?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 7, 2024</a>
</blockquote>
The identity and reasoning of the whale behind this transaction are unknown, but they might be expecting significant XRP price movement soon. Also, the whale may be buying more XRP tokens at a cheaper price, anticipating a substantial gain in value in the next few days or weeks.
Alternatively, the whale may be shifting their XRP tokens to cold storage, indicating that they intend to store the tokens for a longer length of time rather than sell them.
At the time of writing, XRP had dropped 0.55% in the last 24 hours to $0.50.
Given that XRP is not immune to the volatility of the crypto market, it might see some corrections alongside the market. If the falls continue, XRP <a href="https://u.today/xrp-first-death-cross-in-2024-arrives-heres-price-implication" rel="noopener noreferrer nofollow">may reach</a> the next support level at $0.4744, ahead of the $0.46 level.
On the other hand, if the XRP price rebounds from its current levels, it might face the next major barriers at $0.568 and $0.576, which coincide with its daily SMA of 50 and 200, respectively.
A sustained break above these levels may spark a strong bullish wave, propelling the price to the next resistance levels at $0.623 and $0.65. The ultimate goal for XRP bulls in the short term would be to recapture the high of $0.75, which was reached in November 2023.

Millions of XRP Snapped up by Whale as Price Prepares Epic Move

U_Today

Other articles published on Feb 7, 2024

BONK Crypto: Can BONK Crypto Price Deteriorate & Reach Low?

Top Trending Crypto on Solana Chain Today – GameStop, Honk, Popcat

ARB Price Hints Bullish Reversal! Arbitrum Price Eyes To Reclaim $2?

Dypius Enables Secure Cross-Chain NFT Transfers for CAWS and World of Dypians with Chainlink CCIP

Co-op Supermarkets Ramp Up Security Measures Amidst Soaring Crime Rates

Dogecoin Massive Dump: 100 Million DOGE Floods Robinhood, Investors Brace For Price Impact

Join our free newsletter for daily crypto updates!