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- 25,224,389 XRP coins have been transferred from the Binance exchange to an unknown wallet.
- The currency price is trading near the $0.52 level, with an intraday hike of 0.06%.
- 24-hour trading volume has reached over $1 Billion, with an increment of 26.62%.
XRP Ledger (XRPL) is an open-source, decentralized, permissionless technology that offers its users the facilities of low-cost transactions, speed, and scalability with carbon neutrality. It also features the first decentralized exchange and custom tokenization capabilities.
XRP is a native token of this project, whose price has been fluctuating between a broader range of levels. However, bearish sentiments have strongly impacted crypto in recent sessions.
Did Whales have any effect on the XRP crypto price?
The XRP crypto price has encountered a strong supply zone at the $0.85 level. The price has been constantly struggling to rise above that level. On the other hand, crypto-whales seem less interested in this kind of market condition. Many of them are slowly losing interest.
25,224,389 #XRP (13,157,934 USD) transferred from #Binance to unknown wallethttps://t.co/GtGBzZzc5k
— Whale Alert (@whale_alert) June 4, 2024
A recent post on the @whale_alert X account showed that the 25,224,389 XRP (worth $13,157,934) had been transferred from the Binance exchange to an unknown wallet.
However, the price does not reflect any significant change in accordance with this process. The price is still consolidating.
Supply and Valuation of the XRP Crypto
The maximum supply of the XRP tokens is locked at 100 billion, and the total diluted valuation of the project is estimated at around $51 Billion. 55.45 billion tokens are circulating in the market, worth $28.81 Billion. Additionally, the XRP ranks among the top 10 most dominant cryptocurrencies in the world.
Technical Analysis of the (XRP/USD)
The key exponential moving averages (EMAs) maintain dynamic resistance in the current sessions. The price is moving below the 50-day and 200-day EMAs, indicating bearish sentiments in technical terms.
XRP price has been moving in the consolidation phase since the $0.57 key support level breakdown. The buyers entered from the $0.42 level, which played as a strong support for the price.
Afterward, the price entered the consolidation phase with $0.57 as the upper and $0.46 as the lower levels. At press time, the price reflects both possibilities based on these levels.
The relative strength index (RSI) has shown an internal bearish divergence in the current phase. It indicates that the price is facing more selling pressure than the buying one. The RSI is moving at 47.55 below the SMA line.
Summary
Since March 12, 2024, the XRP crypto price has been performing with strong bearish sentiments. It recently entered the consolidation phase, which is still ongoing.
Conversely, the technical indicators summary suggested a strong bearish signal in the current phase. The current price reflects both possibilities based on the current market situation.
As per the price action, the bullish view reflects above $0.57, and the bearish look below the $0.42 level.
Technical Levels
At the time of writing, the immediate resistance for XRP was $0.57, and the $0.42 level was the next support. A rise in the price can be possible if it closes above the upper resistance. Similarly, a drop below the aforementioned support can lead to a price fall.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
