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Today, the overall cryptocurrency market is experiencing a price correction, with top cryptocurrencies like Bitcoin, Ethereum, Solana, and XRP struggling to gain momentum. Amid this, a recent post by Whale Alerts, a blockchain transactions tracker, has gathered massive attention from crypto enthusiasts. On June 7, 2024, Whale Alert published multiple posts identifying that crypto whales are transferring massive amounts of XRP tokens from Binance, the world’s biggest cryptocurrency exchange. Whales move 119 million XRP tokens from Binance 
According to the post on X, whales have transferred a massive 119 million XRP tokens worth $59.25 million from centralized exchanges. This significant XRP transfer suggests that whales might be viewing the recent price correction as an opportunity to add to their holdings. 
However, despite this massive<a href="https://news.todayq.com/500-million-xrp-tokens-unlocked-abruptly-whats-happening/"> XRP transfer </a>from Binance to unknown wallets, there has been no impact on the price of XRP tokens. Currently, XRP is hovering around the $0.52 level, and in the last 24 hours, the price has remained stable according to data from CoinMarketCap. 
Looking at the performance of XRP over a longer period, the price has remained stable over the last 7 days. In the last 30 days, XRP has stayed at the same level where it is currently trading. Additionally, the 24-hour trading volume indicates increased participation from investors and traders in the XRP token, as it has surged by 7%. XRP technical analysis and Key levels 
According to expert technical analysis, XRP is looking bearish on a smaller time frame as it is moving below the 200 EMA (Exponential Moving Average). However, on the weekly time frame, it is bullish as it is above the 200 EMA. Currently, XRP is experiencing two important levels: its support level near $0.48 and its resistance level near $0.58.&nbsp; 
If XRP gives a candle closing above the $0.58 level on either the daily or weekly time frame, we may see bullish momentum. Conversely, if XRP closes below the $0.48 level on a daily or weekly time frame, we may see a significant price fall. 
As of now, the overall market is in a confusing zone, with almost all top cryptocurrencies remaining stable or experiencing a modest upside move over the last 30 days. As of this writing, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) have experienced a 1% upside and downside momentum.

XRP whales move 119 mln tokens from CEXs, Is this bullish signal?

Todayq News

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