XRP Price Prediction as $0.50 Support Level Breaks Down – More Selling Coming?
XRP price prediction is in focus as the $0.50 support level breaks down, raising concerns about potential further selling.
Over the past 24 hours, massive transfers involving over 70 million XRP tokens have taken place, sparking questions about their purpose and impact on the market.
With XRP/USD currently trading at $0.4665, the recent movements and technical indicators suggest a bearish outlook, highlighting key resistance and support levels crucial for traders to monitor.
Massive transfers involving over 70 million XRP tokens have occurred within the past 24 hours, raising questions about their purpose.
A total of over 70 million XRP has been moved, with significant amounts leaving known Binance addresses:
These transactions were flagged by the popular bot, Whale Alert, on X.
The first two transactions, totaling around 54 million XRP, were sent to addresses previously activated by Binance. This indicates that the transfers were likely internal operations for security purposes, possibly moving funds to cold storage or different addresses following a security protocol.
The third transaction, nearly $15 million worth of XRP, came from an account activated by Ripple in 2022 and was sent to the cryptocurrency exchange Bitstamp. Ripple has been consistently sending XRP to Bitstamp and other exchanges for liquidation purposes. This transfer is a standard procedure and does not indicate any cause for concern.
Ripple is currently trading at $0.4665, reflecting minimal movement, and keeping XRP price prediction bearish. The downward trendline extends resistance near the $0.4730 level, which aligns with the immediate resistance. This trendline plays a crucial role in limiting upward momentum for XRP, reinforcing bearish sentiment as
