A significant transfer of XRP, valued at $72.69 million, has caused ripples across the cryptocurrency market, leaving traders and analysts grappling with potential implications. The move involves a large-scale internal transfer within BitGo’s wallet holdings, potentially fueling speculation about whether Ripple is leveraging this for strategic market manipulation. 25 million XRP were moved from Bitstamp to an unknown wallet, immediately triggering widespread discussions. However, technical analysis suggests a possible rebound in the price of XRP, despite the heavy selling pressure from large holders who have offloaded nearly 470 million XRP within the past ten days. This has pushed the cryptocurrency below the critical $3.00 level and fuelled concerns about further downside.
Analyst Ali Martinez observed a buy signal on the hourly chart using the TD Sequential indicator, but acknowledges that this may be short-lived as selling pressure from whales remains active. The price of XRP currently stands at 2.89 USD after losing nearly 3% in the past 24 hours, and is facing resistance near the 20-day EMA ($3.09) and 50-day EMA ($2.93). The move underscores how rapid market sentiment shifts with significant whale activity or exchange-related movements. This has triggered concerns about the future of XRP’s price trajectory.