The price of Ripple XRP plummeted below the $0.46 level for the second time in the past three weeks as XRP records increased transactions amid the prevailing bearish trend on the entire crypto market.
The firm behind the XRP coin has moved millions of tokens within the past few days. XRP whales are also following the trend, moving millions of tokens as well.
The blockchain company behind the development of XRP, Ripple Labs, has recently moved 120 million XRP tokens. According to data from a blockchain whale tracker, Whale Alert, Ripple completed its first transaction by transferring 50 million XRP tokens worth $22.8 million. The firm moved the coins to another wallet address suspected to belong to it on April 24.
Later, the recipient’s wallet transferred some funds, which included its previous balance. It moved 70 million XRP worth $32 million to an affiliate wallet of Ripple through multiple transactions. It then sent the funds to Independent Reserve, Bitso, and Bitstamp crypto exchanges.
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Besides Ripple’s huge transfers, some XRP whales have also moved their coins. The whales have transferred 230 million XRP through five transactions within two days.
According to Whale Alert data, the biggest whale transaction occurred on April 23. It involved 108.9 million XRP moved between two anonymous wallets. The coins were worth $49.9 million at market prices.
Whale Alert noted another transfer of 28 million XRP tokens worth $12.9 million from an unknown wallet to an address on the Bitstamp exchange. After a few minutes later, there was another transfer of 42 million XRP worth $19.3 million between two Bitso addresses.
The last two large transactions of XRP followed Ripple’s transfers on April 24. One was a movement of 26 million XRP worth over $11.9 million from an anonymous wallet to the Bitstamp exchange. Another transaction was a transfer of 25.6 million XRP coins between two addresses on the Bitso exchange.
At the time of writing, XRP is trading at $0.4562, indicating a drop of 1.06% over the past 24 hours. The price of XRP has been dropping drastically following the turbulence in the crypto market. The token’s 7-day and 30-day price action shows a dip of 11.63% and 1.48%, respectively.
XRP lost its hold on the $0.5 price level on April 19 as the bearish pressure intensified. The token hit a new 4-week low on April 21 as the price of XRP plummeted to $0.4427.
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XRP trades above its 200-day SMA and 50-day SMA. Based on technical indicators, the 50-day SMA could surge to $0.49 in the next 4 weeks. The price of XRP is expected to rise in the future.
The XRP’s Relative Strength Index (RSI) is currently at 43.53. This shows that the XRP market is neutral, with no strong buying or selling sentiment.
Featured image from Pixabay and chart from Tradingview
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