- Whale Alerts Reports $18 Million Worth of XRP Deposited on Bithumb Exchange
- XRP Price Remains in the Green with a 1.57% Increase in the Past 24 Hours.
According to Whale Alerts, a prominent whale tracking platform, a large amount of XRP was deposited on the exchange earlier today. The platform reported that a whale transferred 36,370,840 XRP from an unknown wallet to Bithumb, and the total value of XRP transferred is estimated at $18,775,470.
Interestingly, the whale showed no signs of selling its XRP holdings, as the price of the transfer token remained in positive territory at the time of the report. CoinMarketCap data indicated that XRP saw a 1.57% increase over the past 24 hours, resulting in a trading price of $0.5164.
Although XRP traded near its 24-hour low of $0.5072 instead of its high of $0.5455 during this period, the transfer token saw a significant spike in its 24-hour trading volume, reaching Total $1,672,194,735.
It is worth noting that XRP’s performance over the past day resulted in a weekly gain of 0.70%. However, its monthly performance still shows a decline of 1.80%.
XRP was able to break out of the symmetrical triangle pattern on the daily chart, which formed over the past few weeks. At the time of writing, trading continues above this chart pattern. As a result, there is a possibility that XRP price will attempt to turn the $0.5515 resistance level into support in the coming days.
If the bullish momentum continues, it will likely push the altcoin price to the next barrier at $0.6686. However, this bullish scenario will be invalidated if XRP declines within a breakout pattern on the daily chart, putting the cryptocurrency at risk of a downward breakout.
In the event of a bearish scenario, where XRP retests the $0.4783 support level, further selling pressure could push the transfer token price below this key level, potentially reaching $0.4120 in the next two weeks.
Please note that the views, opinions and information provided in this price analysis are published in good faith. Readers are advised to conduct their own research and due diligence. Any actions taken based on this analysis are at the reader’s own risk, and Coin Edition and its affiliates cannot be held liable for any direct or indirect damages or losses.