According to data provided by WhaleAlert, Ripple is selling millions of worth of XRP. Could the altcoin be facing a selling pressure?
Ripple transfers $19 million worth of XRP to anonymous wallet
Ripple transferred approximately 766.7 million XRP worth more than $180 million to different wallets. The transaction records came from the popular crypto platform WhaleAlert, which tracks major cryptocurrency movements. The whale watching bot has detected several key transactions carrying around 767 million XRP tokens. According to on-chain data, Ripple sent 50,000,000 XRP worth $18,877,056 to the company’s alternative wallet, RL18-VN.
This address is used to convert XRP to fiat and also to move XRP offsite to crypto exchanges and financial institutions that are among Ripple’s customers. Besides that, RL18-VN is also used to send XRP to the company’s liquidity corridors (ODL platforms).
https://twitter.com/whale_alert/status/1560033535276322817
Major exchanges move 716.7 million altcoins
The remainder of the aforementioned huge amount of XRP was split between Bittrex, Bitstamp, BitGo and Bitso. A large amount of XRP was exchanged between anonymous wallets in two large transactions. One of them contains 286,122,720 XRP. The other contained 279,622,820 XRP worth $106,641,340 and $105,723,950 respectively. The total amount of XRP moved is equivalent to $180,770,321.
https://twitter.com/whale_alert/status/1560229703306412035
In summary, fintech giant Ripple moved around 766.7 million XRP worth more than $180 million. This amount of XRP can be used by exchanges to meet liquidity. Meanwhile, the XRP price has not reacted with a bearish reaction to the transactions. The 6th largest cryptocurrency by market cap reveals interesting patterns on the technical chart.
3 reasons to watch the XRP chart closely in the coming days
Over the last 20 days of trading, XRP has been showing low daily volatility as the price range has not changed since the beginning of August. However, falling volatility could be a sign of an impending breakthrough. According to analyst Arman Shirinyan, low average daily volatility is something that attracts investors when a coin moves within a certain range.
Historical significance of low volatility
Due to the lack of trading volume, we can say that no big whales or investors entered the XRP market to accumulate some coins or reduce the average position size. But at the same time, we must not forget about OTC trading that exceeds the volume indicators.
Ripple’s success in the courts
Ripple’s recent success still positively impacts XRP’s performance. As Kriptokoin.com, we mentioned that Ripple claimed that the judge’s decision was misidentified by the SEC. As multiple experts have noted, the email draft’s relevance will provide greater regulatory clarity and will play in favor of the company’s lawsuit in court.
XRP price has bottomed out
On the daily chart, XRP price has remained stable for the past 70 days. Therefore, current levels will most likely bottom out. This is also considered a consolidation before a reversal. On the other hand, altcoin price is trading above the 50-day moving average. It is currently sitting around $0.37 with multiple failed attempts to break the $0.37 threshold.
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