XRP in for Correction Based on This Sell Signal: Prominent Analyst

Crypto analyst Ali Martinez has taken to Twitter to share a warning for XRP traders. According to his tweet, he spotted a bearish divergence forming on an XRP chart.

“A correction for XRP anticipated”

Martinez tweeted that he spotted a sell signal on a four-hour graph on XRP. He pointed out that a bearish divergence is forming on the chart against the RSI. This bearing formation, the analyst continues, may bring a correction to XRP, pushing it down with one to four red candles.

#Ripple | The TD Sequential presents a sell signal on $XRP four-hour chart while a bearish divergence forms against the RSI.

The bearish formation anticipated a one to four candlesticks correction for #XRP. pic.twitter.com/nuoQ5XRYhY

— Ali (@ali_charts) December 27, 2022

Over the past 24 hours, however, the sixth largest cryptocurrency has been showing a rise, going up by nearly 5% in the green. At the time of publication, XRP is changing hands at $0.3676, per data provided by CoinMarketCap.

XRP becomes leader by trading volume

According to a tweet published by WhaleStatsBSC, a BNB Chain-focused arm of WhaleStats wallet tracker, XRP wrapped on BSC has become one of the leading cryptocurrencies by trading volume among the 2,000 biggest investors in Binance Smart Chain (BSC, aka BNB Chain).

JUST IN: $XRP @Ripple now on top 10 by trading volume among 2000 biggest #BSC whales in the last 24hrs 🐳

Peep the top 100 whales here: https://t.co/gGAxYJttsD

(and hodl $BBW to see data for the top 2000!)#XRP #whalestats #babywhale #BBW pic.twitter.com/9nqQdcofS1

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) December 27, 2022

This has coincided with large whale activity, as these big crypto holders have been moving staggering amounts of XRP over the past few days. A total of 35,000,000 XRP coins were transferred from a wallet linked to the Bittrex exchange and Bitstamp over the past 24 hours.

However, there were much bigger transfers earlier this week. On Dec. 26, U.Today reported that nearly 300 million XRP were moved, with the Ripple giant being among the senders. It shifted a whopping 100,000,000 XRP to one of its frequently used reserve wallets, RL18-VN.