XRP Price Dips Despite Large Off-Exchange Transfers

In a sudden turn of events, bearish momentum took control of the XRP market after an initial bullish rally failed to break through resistance at $0.5053. Significant XRP transactions, including large outflows from crypto exchanges to unknown wallets, have raised questions about potential market moves and investor sentiment. XRP/USD 24-hour price chart (source: CoinMarketCap) According […]

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XRP Price Dips Despite Large Off-Exchange Transfers

  • XRP whales move $28 million from Binance, hinting at potential long-term holding.
  • XRP price encounters resistance at $0.5053, struggles despite high trading volume.
  • Options open interest rises by 15.02%, contrasting with a 46.56% drop in trading volume.

In a sudden turn of events, bearish momentum took control of the XRP market after an initial bullish rally failed to break through resistance at $0.5053. Significant XRP transactions, including large outflows from crypto exchanges to unknown wallets, have raised questions about potential market moves and investor sentiment.

XRP/USD 24-hour price chart (source: CoinMarketCap)

According to Whale Alert, an on-chain tracking platform, three major transactions withdrew large amounts of XRP, totaling approximately $86 million. The first transaction involved 30,406,274 XRP valued at $15,073,991, while the second saw 26,440,906 XRP worth $13,173,790 being moved.

Concurrently, substantial sums have been moved from other exchanges to unknown wallets, with a transfer of 29,885,000 XRP ($14,833,185) from an unknown wallet to the Bitstamp exchange. 

Market analysts typically view these transfers as a signal th…

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