Amid the ongoing slump, the XRP whale wallet address “r4wf7” has been steadily moving over 27 million tokens worth about $16 million to Bitstamp over the past four days. According to blockchain transaction tracker Whale Alert, the same whale transferred a significant 26.7 million XRP tokens worth $15.3 million to Bitstamp today.
180 million XRP tokens to Bitstamp
With the recent token transfer, the whale has moved 108 million XRP to Bitstamp over four consecutive trading days, worth $64 million. This notable transfer occurring at the same time every day is raising concerns among investors and could have implications for the price of XRP.
Since whales began moving the token, the price of XRP has continued to fall. According to data from Trading View, it has experienced a price drop of more than 9% in the past four days.
XRP Price Analysis
At the time of writing, XRP is trading at $0.57 and has experienced a price drop of more than 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 a decrease in participation from traders and investors.
On the other hand, looking at the performance over a longer period of time, we have seen a price surge of more than 14% over the past 7 days.
XRP Price Prediction
According to technical analysis by experts, XRP is in a bearish trend and is likely to drop by 15% in the coming days. The potential reason for this expected price drop is the continued resistance at the downtrend line.
According to past price momentum, whenever XRP has reached this trend line, it has always experienced a noticeable price drop. This time, we can see the same pattern repeating itself. So far, XRP’s open interest has fallen by 4.5% over the last 24 hours, indicating a decrease in investor and trader interest.