XRP Price Critical Week: 70 Million XRP Shifts Hands

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Recently, the XRP community witnessed a series of notable transactions, as reported by Whale Alert. Three large transfers of XRP tokens, totaling nearly 70 million, were made to various crypto exchanges, indicating potential strategic moves by the whales.

The first notable transaction involved the movement of 24.9 million XRP tokens, valued at about $15.3 million, to Bitstamp, a well-known crypto exchange. This was swiftly followed by the transfer of 25.2 million XRP tokens, worth approximately $15.54 million, to Bitso, another exchange. 

The final in this series was a transfer of 20 million XRP coins, over $12 million in value, to Bybit. These transactions represent substantial movements within the XRP market and are closely watched by investors and enthusiasts for potential impacts on the coin’s value and liquidity.

XRP’s Price Dynamics: Resistance and Support in Focus

At the time of writing, XRP was trading at $0.62, struggling to surpass the $0.65 threshold. This persistent challenge is reflected in daily and weekly charts, where XRP is predominantly in the red, and the market’s Fear and Greed index tilts towards Fear.

Over the past week, XRP’s price dipped by over 2%, with key resistance firmly placed at $0.67 and support around the $0.55 mark. These levels have remained consistent, indicating a steady market without significant bear momentum shifts.

Market Anticipation: Eyeing a Potential Breakout

Despite the current flat trend, the broader outlook for XRP hints at possible changes. The cryptocurrency has been consolidating between $0.60 and $0.70, forming a triangle pattern in its USDT pair chart. 

The $0.60 level provides crucial support and is reinforced by the 200-day moving average trending nearby. This technical setup suggests a higher likelihood of a breakout to the upside. Should this occur, the market could rally toward the $0.70 resistance level and potentially beyond.

Amidst these whale activities and price movements, XRP has experienced a shift in its market position. Recently, it lost its 5th place in total market capitalization to Solana (SOL).