Binance and Others Move 507M XRP as Token Faces Opposition at $0.42

The asset printed a losing candle for the second consecutive day following a retest of $0.42.

XRP whales have moved over 507 million tokens in the past 24 hours as the asset faces fierce resistance at the $0.42 zone amid a lack of updates on the legal tussle between Ripple and the U.S. SEC.

Whale Movements

The 507M XRP tokens recently moved were shuffled in five transactions involving Binance, Bitso, and Bitstamp, as highlighted by Whale Alert. The Binance transaction was the earliest, as the exchange moved 32M XRP valued at $13M to an unknown wallet yesterday at 15:10 (UTC).

The recipient wallet, which was activated by Binance two years back, currently has a balance of 392M XRP as of press time. The recent transaction is one of Binance’s latest XRP movements in the past few weeks. On January 16, the exchange moved 94M+ tokens to another unidentified wallet.

Barely 5 hours after Binance’s latest transaction, whales shuffled 205.5M XRP ($81.7M) between two unknown wallets. The receiving address offloaded all the assets to two different wallets a minute later, sending 189M ($75.5M) to an unidentified wallet in yet another whale movement.

Shortly after that, Bitstamp saw an inflow of 41M XRP ($16.2M) from an unknown address yesterday at 21:29 (UTC). Following the Bitstamp inflow, whales shuffled 40M XRP ($15.9M) between two Bitso addresses a minute later. All these five whale transactions amount to 507.5M XRP ($202.3M).

XRP Faces Opposition at $0.42

These whale movements have occurred at a time when XRP continues to face fierce resistance at the coveted $0.42 price territory. The lack of significant updates on the Ripple v SEC case has left XRP without any form of unique support.

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The asset closed Saturday with a meager 0.27% decline after retesting the $0.42 zone for the first time since January 30. XRP registered another losing session yesterday, ending the day with a 2.97% dip. Along with most assets, XRP is down in the past 24 hours, with a loss of 2.86%.

XRP is currently changing hands at $0.3996, breaking below the support at $0.4006 which was serving as the last line of defense. This leaves the asset’s next support level at $0.3881. Pseudonymous analyst Dark Defender noted that XRP’s correction is expected to be complete at $0.3602.

Good morning all. Hope you all are fine! #XRP is struggling to break $0.42. If this last for 4 more days until 9-Feb, we can expect our last corrective Wave C towards $0.3602. This structure is also similar to the one we had in mid-Aug-22. I still expect the break-out in March. pic.twitter.com/itaUkjMUQT

— Dark Defender (@DefendDark) February 5, 2023

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