General cryptocurrency market is experiencing a massive decline of over 5.5% due to ongoing geopolitical tensions. In this dire situation, crypto whales are either depositing funds or taking advantage of lower price levels to buy them, as observed with cryptocurrencies such as Ethereum, Bitcoin, Ripple, Solana, and others. Finally, on April 16, 2024, crypto whales accumulated more than 100 million XRP worth approximately $48 million from Binance, the world’s largest cryptocurrency exchange.
Will XRP Price Rise?
However, this large transaction was recorded by on-chain transaction tracker Whale Alert. In addition to this significant XRP accumulation, Whale Alert also posted about a large transfer on X of 158.7 million XRP worth $77 million transferred from an unknown wallet to Binance.
This massive transfer of XRP from wallets to CEXs (Binance) and from CEXs to wallets shows the tension among investors. XRP After the huge drop in price, some are investing their assets in CEXs, while others see this as an opportunity and continue to accumulate. However, on April 15, 2024, over $232 million of XRP was transferred in four different transactions on various DEXs such as Bitvavo, Bithumb, and Bitstamp.
After all this activity, XRP is trading around $0.48 and has experienced a 3% downward momentum in the last 24 hours. If we look at XRP over a longer period of time, it has experienced a massive downward momentum of 21% in the last 7 days. It has experienced a downward momentum of 21% in the last 30 days.
XRP Technical Analysis
According to expert technical analysis as reported by Koinfinans.com, on a weekly time frame, XRP is trading below the 200 EMA (Exponential Moving Average), indicating a bearish move. If XRP posts a candle close below the $0.45 level on the weekly timeframe, we are likely to see a major decline.
Apart from XRP’s poor performance in the last 24 hours, the overall cryptocurrency market has also fallen by 4%, with top cryptocurrencies like Bitcoin, Ethereum, Solana and Binance Coin dropping by 3.75%, 3.5%, 10% and 10% respectively. It experienced downward momentum above 6.
