Coin

The overall cryptocurrency market is experiencing a massive fall of over 5.5% due to ongoing geopolitical tensions. In this challenging situation, crypto whales are either depositing or taking advantage of lower price levels to buy them, as observed in cryptocurrencies like Ethereum, Bitcoin, Ripple, Solana, and many others. Recently, on April 16, 2024, crypto whales accumulated over 100 million XRP, worth around $48 million, from the world’s biggest cryptocurrency exchange, Binance. Will the XRP price surge? 
However, this massive transaction has been recorded by an on-chain transaction tracker,Whale Alert. In addition to this significant accumulation of XRP, Whale Alert also posted on X (previously Twitter) regarding a massive transfer of 158.7 million XRP, worth $77 million, which has been transferred to Binance from an unknown wallet. 
This massive transfer of XRP from wallets to CEXs (Binance) and from CEXs to wallets shows tension among investors. Following the massive fall in the price of XRP, some are depositing their holdings to CEXs, whereas some see this as an opportunity and continue to accumulate. However, on April 15, 2024, a massive over<a href="https://news.todayq.com/xrp-up-by-5-despite-whales-232-mln-dump/" rel="noopener noreferrer nofollow"> $232 million of XRP</a> was transferred through four different transactions on various DEXs like Bitvavo, Bithumb, and Bitstamp.
Following all these activities, XRP is trading near $0.48, and in the last 24 hours, it experienced a 3% downside momentum. If we look at XRP over a longer period, in the last 7 days, it experienced a massive 21% downside momentum. Whereas, in the last 30 days, it experienced a 21% downside momentum. XRP technical analysis 
According to expert technical analysis, XRP on a weekly timeframe is trading below the 200 EMA (Exponential Moving Average), indicating bearishness. If XRP on a weekly timeframe gives a candle closing below the $0.45 level, then there is a high possibility that we may see a massive fall in it.
Besides, XRP’s poor performance in the last 24 hours, the overall cryptocurrency market is also down by 4%, and top cryptocurrencies like Bitcoin, Ethereum, Solana, and Binance Coin experienced downside momentum of over 3.75%, 3.5%, 10%, and 6%, respectively.

Whales move 100 mln XRP, something big coming in?

Todayq News

Other articles published on Apr 16, 2024

Analyst’s SHIB prediction makes headlines; KANG, DOGE maintain dominance

Waiting For Altcoin Season? Keep Eyes on These Cryptos

The role of AI in shaping job opportunities and challenges in Africa

Bybit and Global Leaders Launch Blockchain for Good Alliance to Direct Web3 for Social Good (16 Apr)

BlackRock Co-founder Predicts Market Comeback, Cites $9 Trillion Cash Pool

Peter Schiff Challenges Bitcoin's $100K Prediction As Crypto-Linked Stocks Languish In Bear Zone:...

Join our free newsletter for daily crypto updates!