Red Flag! 108 Million XRP Tokens Move to Bitstamp, Is Dump Incoming?

The post Red Flag! 108 Million XRP Tokens Move to Bitstamp, Is Dump Incoming? appeared first on Coinpedia Fintech News

Amid the ongoing downturn, an XRP whale wallet address “r4wf7” has consistently moved over 27 million tokens worth approximately $16 million to the Bitstamp over the last four days. According to a blockchain transaction tracker Whale Alert, the same whale has transferred a significant 26.7 million XRP tokens worth $15.3 million to Bitstamp today. 

108 Million XRP Tokens to Bitstamp

With the transfer of these recent tokens, this whale has moved over 108 million XRP, worth $64 million to Bitstamp in four consecutive trading days. Such a notable transfer at the same time every day are raising concerns among the investors and may impact the XRP price.

Since the whale started moving these tokens, the XRP price has continued to fall. Over the last four days, it has experienced a price decline of more than 9%, according to data from Trading View.

XRP Price Analysis

At press time, XRP is trading near the $0.57 level and has experienced a price drop of over 5% in the last 24 hours. Meanwhile, XRP’s trading volume has also decreased by 6.5% over the same period. This reduced trading volume indicates lower participation from traders and investors. 

On the other hand, if we look at the performance over a longer period, it has experienced a price surge of over 14% in the last 7 days.

XRP Price Prediction

According to expert technical analysis, XRP looks bearish and there is a high possibility that it could fall 15% in the coming days. The potential reason behind this expected price drop is the ongoing resistance from the descending trendline.

Source: Trading View

Based on the historical price momentum, whenever XRP comes to this trendline it has always experienced a notable price drop. This time we may see the same pattern repeat. As of now, XRP’s open interest has dropped by 4.5% in the last 24 hours, indicating reduced interest from investors and traders.