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In the recent developments in the cryptocurrency world, we observe a notable transfer of approximately $40 million worth of XRP. This transfer was made from Binance, one of the world’s largest cryptocurrency exchanges, to unidentified wallets. This transaction, involving around 77 million XRP coins, inevitably caught the attention of the crypto community.
Initial Development in XRP Transfer
The first news about the XRP transfer came from Whale Alert, a service that monitors large cryptocurrency transactions. According to Whale Alert, the first transfer was made from Binance to an unidentified wallet. The transaction amounted to approximately $26.2 million, involving 50.7 million XRP coins.
Shortly after, a second transfer of 26.2 million XRP coins worth $13.5 million was carried out. These two transactions totaled 77 million XRP. As known, large transactions are often attributed to individuals or entities holding significant amounts of cryptocurrency, known as “whales.” Whale movements can indicate various market conditions such as impending price changes or shifts in investor sentiment. This particular XRP transfer also highlighted potential changes in the market.
XRP Price at $0.52
During the transactions, XRP was trading at $0.5222, showing a slight increase of 0.94% compared to the previous 24 hours. Additionally, the 24-hour trading volume of the cryptocurrency XRP increased by 85.39%, reaching $1.038 billion.
Examining the technical indicators for altcoin XRP provides more insight into the current market dynamics. Accordingly, the Relative Strength Index (RSI) of the cryptocurrency XRP stood at 47.83. The RSI is a tool used to measure the momentum of price movements. Typically, an RSI below 50 indicates a loss of momentum and a potential for further downward trend. However, recent whale activity may counter this trend and indicate a positive outlook for XRP.
The cryptocurrency XRP price being affected by such movements is quite natural. Because at the beginning of each month, Ripple makes movements from the escrow wallet. Clearly, these kinds of movements act as a barrier to the price increase, so XRP investors now particularly monitor the beginnings of the month.
