The price of XRP fell along with the rest of the cryptocurrency market due to macroeconomic uncertainty and industry concerns.
Binance, the world’s largest cryptocurrency exchange by trading volume, has twice halted BTC withdrawals due to an unusually congested Bitcoin network.
While BTC withdrawals have resumed on Binance, Bitcoin and other cryptocurrency markets have not escaped the FUD from trading losses. At the time of writing, Ripple is down 5.33% over the past 24 hours to $0.433.
Source: TradingView
After bulls failed to push its price above $0.54 in mid-April, the XRP price fell steadily.
The cryptocurrency market sell-off since early May has failed to support a positive outlook for XRP, with the token only in the green for two of the eight days so far this month. The sell-off pushed XRP below the critical daily 50 MA at $0.48 as the bears had no respite.
Right now, XRP appears to be approaching oversold levels, as indicated by the daily RSI below 30. An RSI below 30 usually indicates an oversold or undervalued condition. In this case, XRP may see a small recovery once the oversold condition is confirmed.
On the other hand, if the downtrend resumes, the nearest major support for XRP will coincide with the daily 200 MA at $0.41.
With the recent drop in XRP, whales or large holders are taking action on the network.
Cryptocurrency data tracker Whale Alert has spotted some significant moves in XRP over the past 24 hours.
The most recent was the transfer of 50 million XRP worth $21,874,438 from the Crypto.com exchange to an unknown whale wallet.
50,000,000 #Ripple ($21,874,438) from #CryptoCom to unknown wallethttps://t.co/WHqc8giQWt
– Whale Alert (@whale_alert) May 8, 2023
Likewise, another amount of XRP — 113.2 million XRP worth $51,650,912 — was exchanged between unknown whale wallets.
113,200,000 #Ripple (51,650,912 USD) from unknown wallet to unknown wallethttps://t.co/8dlzho8eOz
– Whale Alert (@whale_alert) May 7, 2023
Meanwhile, 29 million XRP worth $13,243,791 was transferred from an unknown wallet to Bitstamp.
- Ripple’s Q1 2023 XRP Net Revenue Soars to $361 Million
- XRP Bulls Defend $0.45 as Whales Are Buying the Dip
board pass
According to USA Today
