Whale Alert, the Twitter whale-watching resource for cryptocurrency investors, has found that an anonymous wallet has transferred almost $100 million worth of XRP to the Bithumb exchange. The result for the traded altcoin has not yet been announced. The amount moved can lead to volatility in the Ripple price compared to the average daily volume. Here are the details…
Whale sale could lower the price of altcoin project!
To be fair, the $100 million worth of 88 million Ripple (XRP) that the whale carried on the Bithumb exchange could turn the market in a matter of seconds, representing around 50% of the total daily volume, if the volume were disposed of in a sale. Besides, the XRP price has lost 19% of its value compared to its local peak reached on November 8. The 10-day bearish momentum is currently seeking suitable ground above the critical $1 support. At the time of writing, the price of XRP was on the red side of 3.75% daily and 10.52% weekly. XRP has lost more than 11% since its peak yesterday.
cryptocoin.com As we have reported, the global correction in the market was felt in both Bitcoin and altcoin projects. Experts state that the main reason for the correction was purely technical, as the market was highly leveraged and overbought in the medium-term period.
At the time of writing, Bitcoin is trading around $57,000. Meanwhile, Ethereum is positioned just above the $4,000 support. ETH confirmed it was able to find support from the region by touching $3,959.23 intraday. Avalanche (AVAX), on the other hand, is targeting 11th place, just behind Shiba Inu (SHIB), with a market cap difference of only $200 million.
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