XRP Remains Steady Despite a Large Transfer: Selloff to Come?

Whale Alert, the cryptocurrency whale tracking platform, revealed in an X (formerly Twitter) post yesterday that 30,200,000 Ripple (XRP) was transferred from an unknown wallet to Bitstamp. According to the post, the amount of tokens sent in this transaction was collectively valued at $14,726,855.

This transfer has not been followed by an XRP selloff, as data from CoinMarketCap indicated that the remittance token achieved a gain of 1.25% over the past 24 hours. This boosted XRP’s value to $0.4915 at press time.

This positive daily performance was not enough to overcome the weekly loss that XRP recorded. Consequently, the altcoin was still down 4.51% over the past 7 days.

From a technical standpoint, XRP was attempting to gain a position above the 9-day EMA line, which was situated at $0.5017 at press time. Should the cryptocurrency close a daily candle above this technical indicator in the next 48 hours, then it could have the support needed to overcome the $0.5165 resistance level.

Thereafter, continued buy pressure may lead to XRP climbing towards $0.5670 in the course of the following week. This bullish thesis could be invalidated if XRP’s price is unable to break above the 9-day EMA line in the next few days. In this scenario, XRP may drop to the immediate support level of $0.4585.

Traders and investors will want to take note of the fact that the daily RSI line was closing in on the daily RSI SMA line. This suggests that buyers have been gaining strength against sellers over the past couple of days.

Should these two technical indicators cross in the short term, it will be a significant bullish technical flag. If traders react positively to this potential technical flag, then it may lead to the altcoin rising to the aforementioned $0.5670 mark.