Ripple whales have maintained their shifting moves as price action continues to suffer. How far will they take the XRP course this time around?
As Ripple supporters, whales, holders, and crypto investors await the interim ruling regarding the company’s lawsuit against the SEC, the asset’s price continues to surprise market participants.
Recently, attorney Jeremy Hogan announced good news for the Ripple community, saying that the U.S. Securities and Exchange Commission’s (SEC) interim motion may not be approved for several reasons.
Yet, despite Mr. Hogan’s positive statements, the XRP price has not reacted much to this social anticipation. Ripple whales, however, have been on the move lately, but that could lead to some bearish action for the asset this time around.
What Do Crypto Whales Do?
At the time of writing, XRP was trading at $0.4739, down 3.22% on the daily window. From a price perspective, the token seemed to be under the biggest bearish influence in the general crypto market.
Indeed, on November 7, the crypto whales of this asset made large deposits from their wallets to exchanges. Several messages from Whale Alert show that XRP with a total value of more than $190 million has been sent by whales from wallets to various exchanges, or from wallet to wallet.
The first transaction, of around 29 million XRP and worth $13.52 million, was a transfer from an unknown wallet to Bitstamp. An hour later, another transfer of 35 million XRP, worth $16.55 million, was made from an unknown wallet to FTX.
A third transaction for $16.63 million was completed soon after.
Another transfer followed, worth 16.50 million.
The most recent transaction involved a massive transfer of 310,365,004 XRP worth $147 million between two unknown wallets.
An even larger amount, worth over $190 million, has been moved in the last 8-10 hours as of this writing. Ripple whales may have sent XRP to crypto exchanges to take profits in case the price drops further.
Usually, sell-offs from crypto whales cause considerable turmoil in the market, leading to bearish results for price action.
However, these “crypto whale” movements could also represent an attempt by participants to create a wave in the market and push XRP higher in the short term.
Will the XRP price continue to fall?
Over the weekend, the price of the asset hit a multi-week high, rising to $0.51. However, the movement quickly lost momentum. At the time of this article’s layout, XRP continues to struggle against the key support/resistance level of $0.47.
Although active XRP addresses still hold above average, they fell 30% during the day on Sunday.
Moreover, the velocity of XRP tended to drop, which meant that the coin was not used much for transactions within the time frame.
Additionally, the DAA divergence in price has started to present a sell signal.
From an on-chain data perspective, the XRP price could be preparing for some downside. The coin has clearly moved in a range between $0.47 and $0.45, key support areas going forward.
If the price decline remains under control, the asset might retest the lower level of $0.45.
However, in the event of a bullish breakout, XRP might revisit its short-term high at the $0.51 level.
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