Whales move 318M XRP tokens as it retains $0.52 support

XRP tokens have a bearish sentiment prevailing at the moment. The token has dropped by 0.58% in the last 24 hours. It is listed at $0.5226. This has not stopped whales from increasing their activities. A wallet routed two separate transactions to move the token to Bitstamp and Bitso. The first transaction moved 28,890,000 XRP tokens, and the other transaction moved 29,850,000 XRP tokens worth $15,025,812 and $15,522,089, respectively. The values were valid at the moment of transaction execution.

XRP tokens were moved at a time when the trading volume was lower but the Open Interest was higher by 15.02%. The dip in volume was 46.56%. According to market analysts, the goal was to buy the dip during this time and accumulate more tokens.

That could be true, as the token is expected to be valued at $0.644358 in the next 5 days and $0.628905 in the next 30 days. The monthly growth would result in a 20.69% jump with a 1.92% volatility. This is backed by the Fear & Greed Index, which has 78 points. XRP has seen a total of 15 green days in the past month, with a 14-day RSI of 51.47.

The market cap was down by 0.32% at the time of writing this article. With a valuation of $29.01 billion, the token occupies the 7th position. The 24-hour trading volume has risen by 5.14% to $1.18 billion.

Technical indicators hint that XRP could rebound eventually. The 50-day SMA and 200-day SMA are $0.521029 and $0.573493, respectively, and are applicable in the same order. Other technical indicators include MACD and CMF. The Moving Average Convergence Divergence is trending south in the negative region, sporting a rating of -0.0006. While it does signal a bearish move to continue, the bull run is still likely to pick up the pace for a rebound.

The Chaikin Money Flow indicates selling pressure by staying in the negative zone. It indicates that the selling pressure may be greater than the accumulation pressure. The MFI, Money Flow Index, is nicer than the oversold region. It has a rating of 29.56.

Given that no one in the market has completely written off the scenario, buying interest could pick up pace. Speculation suggests that XRP may aim to launch its ETF within the next year, deviating from the normal trend. This aligns with the introduction of the Ether ETF. It could draw further inspiration from how it performs in the market. The trends established by the Spot Bitcoin ETF suggest a significant opportunity for the Ether ETF. If approved, it is likely to pave the way for more crypto ETFs in the market.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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