Huge XRP Transfer Worth $18+Million Hits Bithumb Exchange

  • Whale Alerts shared that XRP worth more than $18 million was deposited onto the Bithumb exchange earlier today.
  • At press time, XRP’s price was still in the green after it increased by 1.57% in the past 24 hours.
  • XRP’s price was able to break above a symmetrical triangle pattern that had formed on its daily chart.

The whale tracking platform, Whale Alerts revealed in an X post that a huge amount of XRP was deposited to an exchange earlier today. According to the post, a whale transferred 36,370,840 XRP from an unknown wallet to Bithumb. The transferred XRP was worth approximately $18,775,470.

So far, it does not seem like the whale has made any moves to rid himself of his XRP holdings as the remittance token’s price was still in the green at press time. Data from CoinMarketCap indicated that XRP’s price was able to climb by 1.57% in the past 24 hours, which left it trading hands at $0.5164.

This meant that XRP was trading a bit closer to its 24 hour low price of $0.5072 when compared to its peak price established during this time, which was $0.5455. Notably, XRP experienced a remarkable surge in its 24 hour trading volume, bringing the total volume to $1,672,194,735.

Furthermore, it is important to highlight that XRP’s performance over the last day pushed its weekly performance into positive territory, with a gain of 0.70%. However, when looking at the monthly performance, the remittance token’s price was still down 1.80%.

Daily chart for XRP/USDT (Source: TradingView)
Daily chart for XRP/USDT (Source: TradingView)

XRP’s price was able to break above a symmetrical triangle pattern that had formed on its daily chart over the past couple of weeks. Furthermore, it continued to trade above this chart pattern at press time. Subsequently, the remittance token’s price may attempt to flip the $0.5515 resistance level into support in the coming few days.

Thereafter, continued buy pressure could boost the altcoin’s price to as high as the next barrier, which is situated at $0.6686. This bullish thesis will be invalidated if XRP retraces back within the breakout pattern that had formed on its daily chart. Consequently, the cryptocurrency may be at risk of breaking out towards the downside.

In this bearish scenario, XRP may retest the $0.4783 support level. If sellers continue to exert pressure on the remittance token’s price, then it may drop below this key level to as low as the subsequent mark at $0.4120 in the following 2 weeks.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Ahead of Christmas Day

Image
Bitcoin rose closer to the $17,000 level on Saturday, despite crypto markets mostly consolidating to start the week. The global cryptocurrency market cap is down 0.32% as of writing. Ethereum was also higher earlier in the day, with prices nearing the $1,230 level. Bitcoin Bitcoin (BTC) remained under the $17,000 level to start the weekend, as prices continued to consolidate despite earlier gains. BTC/USD hit a high of $16,905.22 earlier in today’s session, which comes a day after price was at a bottom, at the $16,793.53 mark. The move saw the world’s largest cryptocurrency continue to trade above a key point of support at $16,800. BTC/USD – Daily Chart As can be seen from the chart, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) failed to break above a ceiling at 48.00. The index is currently trading at 46.72, with bulls still attempting to push past the aforementioned point of resistance. On the other hand, should price stre...
Read more

Bitcoin Leads $168 Million 'Smart-Money' Outflows

Image
According to a new report by CoinShares, the digital asset industry saw a whopping $168 million worth of out flows over the last week, with Bitcoin (BTC) leading the pack. This represented the highest out flows from the sector “since the US regulatory crackdown on exchanges in March 2023.” According to CoinShares, BTC was at the center of the out flows , with $149 million. Ethereum (ETH), on the other hand, saw out flows worth $16.8 million. On a month-to-date basis, Bitcoin saw out flows of $251.2 million, while Ethereum saw out flows of $29.8 million. The total out flows for the month of August now sit at $278 million. Meanwhile, XRP and Litecoin (LTC) saw minor in flows of $0.5 million and $0.44 million, respectively. Also Read: Argentina is Adopting Bitcoin Faster than El Salvador: Ark Invest However, the report noted that fund flows remain positive for BTC on a yearly basis, with $265 million. Source: CoinShares Additionally, CoinShares mentioned tha...
Read more

Kraken Persists With Plans to Launch Its Bank Despite Facing Regulatory Obstacles

Image
Join Our Telegram channel to stay up to date on breaking news coverage Kraken crypto exchange is still working on launching its bank, despite the challenging regulatory environment and the recent shutdown of its on-chain staking services for U.S customers The Securities and Exchange Commission (SEC) had accused Kraken of violating securities laws. Nonetheless, Kraken remains steadfast in its commitment to its plans. Kraken’s chief legal officer, Marco Santori, confirmed on The Scoop podcast with Frank Chaparro that the company is on track to launch its own bank. He also shared that Kraken plans to order thousands of pens with little ball chains and their logo to distribute to Wall Street banks. Despite obstacles, Kraken continues to move forward with its plans to establish its financial institution. #Kraken continues its plan to launch its own bank despite a difficult regulatory environment. "Kraken Bank is on track to launch very soon," said Marco Santori, Krak...
Read more