Time to Sell XRP? Whales Transfer 70 Million Tokens to Exchanges
The current cryptocurrency market volatility has confused traders and investors. During this period, XRP was the local token of Ripple Labs. As the emotional turn of encrypted enthusiasts turned to decline, prices fell.
70 million XRPs are stored to exchange
Recently, a well -known encrypted experts have released more than 70 million XRP token to the exchange on the past four trading days on X (previously Twitter). This huge selling has attracted great attention from encrypted participants.
The market regards this storage as a drop signal, which may lead to a decline in price, which is currently reflected in XRP prices.
Current price motivation
The current transaction price of the asset is close to $ 2.97, and the price has fallen by more than 4.45 % in the past 24 hours. During the same period, its transaction volume remained stable without obvious changes.
XRP technical analysis and key level
According to expert technical analysis, XRP Within daily time, it has been moving in parallel passages that have been landing. However, the price has formed a decorative candlestick mode and seems to be declining.
According to the recent price action and historical motivation, it is likely that XRP may decrease by 8.5 % to reach its support level of $ 2.75.
Despite the market prospects, ALTCOIN still manifests more than 200 index moving average (EMA) within the daily range, which indicates XRP Rising trends.
Dealers’ losses prospects
Judging from the price action of the drop, traders have strongly bet on the adverse aspects, as revealed by the Coinglass Data. At the time of release, $ 2.91 is the level of over -leverage in the bull, holding a long position worth $ 28 million. On the contrary, the short -selling of the short -selling person holds a short position of $ 56.3 million worth of $ 56.3 million.
The data shows that if the price is less than 2.91 US dollars, the short -sellers will dominate the assets and may trigger the liquidation of the vacant position of the bull.
