In the last 24 hours, an intriguing movement of 19 million XRP has been spotted, stirring discussions amid a period of price suspense.
As the cryptocurrency market navigates through a phase of anticipation and speculation, a notable transaction involving 19 million XRP has captured the attention of the crypto community.
This substantial movement, worth millions of dollars, raises questions about the intentions behind the transfer and its implications for the market. The XRP transfer from Bitget, a Seychelles-based cryptocurrency exchange, to Binance adds to intrigue surrounding the move.
The transaction was detected by blockchain data trackers and immediately sparked interest due to its size and timing. According to crypto data tracker Whale Alert, 19,859,999 XRP worth $10,002,927 was transferred from Bitget to Binance.
🚨 19,859,999 #XRP (10,002,927 USD) transferred from #BitGet to #Binancehttps://t.co/805kkjcn5j
— Whale Alert (@whale_alert) May 11, 2024
The XRP transfer comes at a time when the market is on edge, with investors closely watching price moves for signs of what will happen next. While the exact purpose of the transfer remains undisclosed, it is not uncommon for large sums of XRP to be moved to support the liquidity needs of exchanges.
At the time of writing, XRP was up 0.46% in the last 24 hours to $0.504 as the market continued to struggle.
After reaching a low of $0.423 on April 13, XRP has generally stabilized in a price range of $0.464 to $0.57. The formation of a death cross, which has historically served as major or interim price bottoms for XRP, adds to price expectations.
That being said, a break over the daily moving averages of 50 and 200 might be the first sign of strength for the XRP price, triggering a new bullish rise toward $0.668 and eventually $0.744.
On the other hand, support is envisaged around $0.46, a level that has halted XRP price declines twice since mid-April. If declines persist, XRP price might aim for the $0.42 level next as support.