The first weeks of November, which led to the second spring in the crypto money industry, unfortunately seem to have left its place to days full of decline.
The leading cryptocurrency Bitcoin (BTC) has fallen by 0.34% in the last 24 hours, with its total market cap approaching the bottom of $1 trillion. While the withdrawal of Bitcoin up to $ 56,000 affected altcoins, it was especially noteworthy that XRP maintained its support of 1 dollar.
XRP Whales on the Move
XRP price has fallen by only 3% in the last 24 hours, making it one of the most durable in the top 10. However XRP The activity of whales may cause the price to lose important support in the coming hours.
According to the information conveyed by the Whale Alert account, which tracks the loaded transactions, some XRP transactions have been made in the last 24 hours. A transfer to the Bithumb cryptocurrency exchange attracted particular attention. The fact that 88 million XRPs, that is, $ 92 million as of the moment of the transfer, is sent directly to Bithumb means sales pressure.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 88,000,000 #XRP (92,677,936 USD) transferred from unknown wallet to #bitumbhttps://t.co/P9LkocxfjF
— Whale Alert (@whale_alert) November 19, 2021
The sale of 88 million XRPs at once can change the situation in the market within seconds, as can be predicted. It is seen that such a sale corresponds to 50% of the total daily volume in times of liquidity shortage. Such a sale may result in the disappearance of 1 dollar support for XRP.
Especially as long as the lawsuit against Ripple continues, XRP is not expected to make a big splash, and the selling pressure of the whales makes the situation even more difficult.
*Not Investment Advice.