👀 Watchlist Winners: Copy Legendary Investors' Portfolios in One ClickSee Undervalued Stocks

XRP Price Dips Despite Large Off-Exchange Transfers

Published 06/11/2024, 09:00 PM
Updated 06/11/2024, 10:15 PM
© Reuters.  XRP Price Dips Despite Large Off-Exchange Transfers
XRP/USD
-

  • XRP whales move $28 million from Binance, hinting at potential long-term holding.
  • XRP price encounters resistance at $0.5053, struggles despite high trading volume.
  • Options open interest rises by 15.02%, contrasting with a 46.56% drop in trading volume.

In a sudden turn of events, bearish momentum took control of the XRP market after an initial bullish rally failed to break through resistance at $0.5053. Significant XRP transactions, including large outflows from crypto exchanges to unknown wallets, have raised questions about potential market moves and investor sentiment.

XRP/USD 24-hour price chart (source: CoinMarketCap)

According to Whale Alert, an on-chain tracking platform, three major transactions withdrew large amounts of XRP, totaling approximately $86 million. The first transaction involved 30,406,274 XRP valued at $15,073,991, while the second saw 26,440,906 XRP worth $13,173,790 being moved.

Concurrently, substantial sums have been moved from other exchanges to unknown wallets, with a transfer of 29,885,000 XRP ($14,833,185) from an unknown wallet to the Bitstamp exchange.

Market analysts typically view these transfers as a signal th…

The post XRP Price Dips Despite Large Off-Exchange Transfers appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.