In what could certainly be an important move for Ripple, 54 million XRP is on the move as the price is desperately seeking a return to the $0.60 level. Indeed, massive whale activity has been a constant over the last few days for the asset. Specifically, the last 24 hours have seen almost $30 million worth of cryptocurrency trading hands.
According to data collected from Whale Alert, the massive transfers took place in two different transactions. Indeed, one saw 28 million XRP move to Bitso for more than $15 million. Additionally, another 26 million XRP worth more than $14 million was moved to Bitstamp. Subsequently, the overall movement could have a massive impact on the XRP price in the short term.
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Ripple Whale Activity Could Set XRP on Crucial Reversal
Throughout the last year, the digital asset market has had hope for a potential value increase for Ripple. Indeed, with its ongoing lawsuits facing an end shortly, the optimism for XRP has been constant. However, that has not yet come to fruition two months into 2024.
That could be set to change, however, as renewed whale activity could play a key role. Indeed, Ripple has seen 54 million XRP on the move as the price is seeking a return to the critical $0.60 level. Altogether, more than $30 million worth of XRP were on the move, transferred to exchanges Bitso and Bistamp.
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This development has occurred as Ripple is facing a critical support level at $0.53. Indeed, the price of the asset has been on an overall downturn since February 20th. Specifically, it has dropped from a high of $0.57 to its current support level. Moreover, it has faced two consecutive days of losses, with a third on the horizon.
In early December of last year, the asset was trading at a high of $0.7 and has only been going down since then. Moreover, the short-term outlook sees it face a $0.579 barrier, which would signal a potential price correction. Currently, the asset is trading at $0.536 and down more than 1.6% over the last 24 hours, according to CoinMarketcap.
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