A Whale Acquires Millions of XRP Price Gears Up for Major Movement

Crypto News– XRP, ranked as the seventh largest cryptocurrency, has recently shown signs of underperformance; however, this narrative could soon shift with a positive signal indicating potential price movement.

A Whale Acquires Millions of XRP Price Gears Up for Major Movement

Crypto analyst Ali noted on Feb. 6 that the TD Sequential indicator flashed a buy signal on the XRP weekly chart, suggesting a potential uptrend lasting one to four weeks. While optimism prevails, whales have begun to take action in anticipation of a resurgence in XRP’s price. According to Whale Alert, a platform tracking significant crypto transactions, a substantial XRP transfer was observed in recent hours. This transaction involved the movement of 40 million XRP, valued at approximately $20 million, from Bybit to an undisclosed wallet. “40,000,000 XRP (20,054,038 USD) was transferred from Bybit to unknown wallet,” WhaleAlert reported.

The identity and motives of the whale orchestrating this transaction remain unknown; however, they may anticipate significant price movements in XRP. Additionally, the whale could be acquiring more XRP tokens at a lower price in anticipation of potential future gains. Alternatively, the transfer may indicate a shift of XRP tokens to cold storage, suggesting a long-term holding strategy rather than immediate selling.

Considering that XRP is susceptible to the fluctuations in the broader crypto market, it could experience corrections in tandem with the market. In the event of further declines, XRP may find support levels at $0.4744 and $0.46. Conversely, if XRP’s price rebounds from current levels, it could encounter resistance at $0.568 and $0.576, aligning with its daily Simple Moving Averages (SMA) of 50 and 200, respectively. A sustained breakthrough these levels might trigger a robust bullish momentum, potentially driving the price towards resistance levels at $0.623 and $0.65. In the short term, the primary objective for XRP bulls would be to reclaim the high of $0.75, achieved in November 2023.