Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level
Against the backdrop of today’s bearish trend in the crypto market, a famous XRP whale has continued to sell significant amounts of XRP. Specifically, Whale Alert’s on-chain insights reveal that around 71 million coins were dumped on exchanges in the past day, sparking discussions surrounding XRP’s future price action in the crypto industry.
XRP price is currently taking pressure from the broader crypto market trend and is trading as low as $0.39 price level. So let’s gauge the market statistics of the ripple-backed asset.
On-Chain Data Flags Whale Spills
According to Whale Alert data, 70.9 million XRP worth $ 31.29 million was shifted to two exchanges in several transactions. According to the data, it was noted that the whale address …Rzn shifted the above-mentioned amount.
…Rzn shifted 35.8 million tokens worth $15.80 million to bitso, a cex based in Mexico City. Simultaneously, it shifted 35.1 million tokens worth $15.49 million to bitstamp, a CEX based in Luxembourg City.
These declines have presented XRP with increasing selling pressure amidst the bearish market, causing further downward pressure on the asset. Interestingly, parofix Media previously reported that the same whale address had dumped XRP on Bitstamp & Bitso crypto exchanges multiple times. In parallel, the negative market sentiment caused by the whale dump is engulfing XRP.
Meanwhile, its native token XRP has continued its slow movement despite Ripple rolling out updates for the network and strengthening its defenses against the US SEC.
Also Read: Leading Telecom Company Taiwan Mobile Receives Crypto Exchange License
XRP Price Correction?
At press time, the XRP price chart was trading at $0.4056, marking a 10.15% drop. The 24-hour low and high were $0.3977 and $0.4532 respectively.
Interestingly, crypto market analyst Dark Defender noted in a post today that the $0.39 price level acts as a POC (Point of Control). This is where most of the trading has taken place since 2014, making it a vital support at the current rate.
On the other hand, after consolidation last week, the crypto has been falling, forming resistance at $0.42. The RSI is moving along the 22 level, indicating an oversold territory for the asset. This could mean that prices could potentially rally as the market recovers.
Additionally, pro-XRP advocate Bill Morgan took to the X today, highlighting the strategic dip buying sentiment, which has increased optimism that prices will recover in the coming period.
Also Read: German Government Moves 500 Bitcoins, Is Another BTC Dump Imminent?
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