Whale Transfers and Technical Indicators: What’s Next for XRP?

Recent large-scale XRP transfers have captured the market’s attention.

Whale Alert reported a 29.85 million XRP transfer (worth $15.52 million) from an unknown wallet to Bitso, followed by a 28.89 million XRP transfer ($15.03 million) from another unknown wallet to Bitstamp.

🚨 29,850,000 #XRP (15,522,089 USD) transferred from unknown wallet to #Bitsohttps://t.co/xH1ygTWzLM

— Whale Alert (@whale_alert) June 6, 2024

Notably, Ripple transferred 150 million XRP ($78.21 million) to an undisclosed wallet. These substantial movements have heightened scrutiny of XRP’s current market position and price trends.

🚨 28,890,000 #XRP (15,025,812 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Xn04UxVynf

— Whale Alert (@whale_alert) June 6, 2024

XRP is currently trading at $0.5245, up slightly by 0.08% over the past 24 hours. Its market capitalization stands at $29.11 billion, ranking it seventh among cryptocurrencies. Trading volume in the last 24 hours reached $1.14 billion, although this marks a 3.13% decrease.

XRP has been trading within a narrow range around $0.524. Key support and resistance levels have emerged: a support level around $0.520, where the price has found a temporary bottom, and a resistance level near $0.528, acting as a short-term ceiling.

The short-term trend appears somewhat erratic, with the price fluctuating between $0.520 and $0.528, indicating a consolidation phase where the price is seeking direction.

XRP/USD 1-day price chart, Source: Trading view

The Relative Strength Index (RSI) for the one-day period stands at 49.85, suggesting a neutral market sentiment. The MACD indicator, positioned above the signal line with a value of -0.0009, hints at the possibility of upward movement.

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