Amid the ongoing downturn, an XRP whale wallet address “r4wf7” has consistently moved over 27 million tokens worth around $16 million to Bitstamp over the past four days. According to blockchain transaction tracker Whale Alert, the same whale moved a significant 26.7 million XRP tokens worth $15.3 million to Bitstamp today.
108 Million XRP Tokens Move to Bitstamp
With the transfer of these recent tokens, this whale has moved over 108 million XRP, worth $64 million, to Bitstamp in four consecutive trading days. Such a significant transfer at the same time every day has investors worried and could impact the XRP price.
Since the whale started moving these tokens, the XRP price has continued to fall. Over the past four days, the price has dropped by more than 9%, according to data from Trading View.
XRP Price Analysis
At the time of going to press, XRP is trading around the $0.57 level and has experienced a price drop of more than 5% in the past 24 hours. Meanwhile, XRP’s trading volume has also dropped by 6.5% in the same period. This reduced trading volume indicates lower participation from traders and investors.
However, if we look at performance over a longer period, we see that the price has increased by more than 14% over the past 7 days.
XRP Price Prediction
According to expert technical analysis, XRP seems bearish and there is a high chance that it may drop by 15% in the coming days. The possible reason behind this expected price drop is the persistent resistance of the descending trend line.
Based on historical price momentum, XRP has always experienced a notable price drop whenever it hits this trend line. This time around, we may see the same pattern repeat itself. So far, XRP’s open interest has dropped by 4.5% in the past 24 hours, indicating reduced interest from investors and traders.
