XRP Whale Transferred 54M Tokens to Exchange

In the last 24 hours, an XRP whale wallet address “r4wf7” moved a significant 54.4 million tokens worth $31 million to the Bitstamp wallet

A XRP whale wallet address “r4wf7” moved a significant 54.4 million tokens, valued at around $31 million, to the Bitstamp wallet address “rDsbeomae4…g9vDiTCdBv,” as noted by the blockchain transaction tracker Whale Alert.

The transaction, spotted on Feb. 21, comes amid a broader XRP price surge. As reported, the token’s price experienced a rise of over 2.3% in the last 24 hours, trading at $0.57.

Moreover, XRP also witnessed a surge in its trading volume by 45% during the same period. This increase signifies higher participation from traders and investors in the market.

According to expert technical analysis, XRP is at a crucial support level and also at the 200 Exponential Moving Average (EMA) on both the 4-hour and daily time frames. However, it has been continuously falling in a lower high and lower low pattern in a 4-hour time frame over the last four trading days.

Currently, it is at a lower high area. Based on the price action, there is a high possibility it could fall 7%-8% to the $0.52 level and make a new lower low in the coming days.

Furthermore, XRP could only experience an upside move if it could give a breakout of the recent lower high and close a candle above the $0.58 level.

Major Liquidation levels

As of now, the XRP’s major liquidation levels are at $0.552 on the lower side and $0.585 on the upper side, according to data from the on-chain analytic firm CoinGlass.

If market sentiment changes and XRP’s price soars to the $0.585 level, nearly $6.51 million of the short position will be liquidated. Conversely, if the sentiment remains unchanged and the price reaches the $0.552 level, nearly $9.31 million of the long position will be liquidated.

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