XRP bagholders have been transferring coins at accelerated rates over the past week. These movements can often lead to further price declines.
XRP whales have been moving greater quantities of coins over the past week. These large movements could be leading up to more declines in market sentiment, which is still very bearish.
According to the Whale Alert tracker, several massive transactions of XRP have taken place over the past few days.
Cumulatively, more than 1 billion units of the cross-border transfer asset have been transferred over the past week.
Furthermore, millions of dollars worth of XRP was still being moved on Dec. 20.
Ripple Whales Flexing
The Whale Alert tracker has reported that more than 500 million XRP have moved in just five transactions within the past 24 hours. The total value of this is around $171 million at current prices.
The largest was 325.8 million XRP valued at $112 million sent from Binance to an unknown wallet around 14 hours ago.
Whale movements are either efforts to self-custody the asset from centralized exchanges or intentions to sell if moved to exchanges.
Last week, BeInCrypto reported that whales were moving XRP, but its price has declined 13% since then. This suggests that they may be preparing to sell, which would put further pressure on prices.
The crypto community is anticipating a big announcement from Ripple. However, there is nothing concrete to go on. Additionally, the crypto tribalism between rival aficionados of various networks has increased as the bear market deepens.
XRP Continues to Decline
The native Ripple asset, XRP, is looking increasingly weaker as it drops a further 1% on the day. As a result, XRP was trading at $0.339 at the time of press, adding to a week’s worth of losses.
Over the past seven days, the XRP price has dumped 12.6% as it failed to break resistance at $0.400. It hit its lowest price for more than a month today, at $0.334, and further losses are looking likely.
From a technical standpoint, a break below the daily Bollinger bands could spell further losses. Support below current levels lies at around $0.325, and a fall below $0.300 would be devastating.
Disclaimer
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Source: https://beincrypto.com/ripple-whales-transfer-one-billion-xrp-price-dump-incoming/