Ripple Labs and whale main addresses have transferred 218 million XRP tokens in six transactions. These tokens are worth approximately $81 million at the time of the transactions.
Whales are busy as Ripple unlocks escrow tokens
Watch out for whales reports that XRP whales moved 168 million XRP over five transactions, with the first transaction involving moving 50 million XRP from Crypto.com to an unidentified wallet address.
🚨 🚨 50,000,000 #XRP ($21,874,438) transferred from #CryptoCom to an unknown wallethttps://t.co/WHqc8giQWt
— Whale Alert (@whale_alert) May 8, 2023
Another wallet address was also transferred 31 million XRP tokens on the Bitstamp exchange and two Bittrex wallets exchanged 30 million XRP.
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The last whale transaction was the transfer of a batch of 28 million XRP tokens from an unidentified wallet to the Bitstamp exchange.
On the other hand, Ripple has moved 50 million XRP $21.4 million worth of tokens on May 9. Although the tweet from the whaling alert says that Ripple sent the tokens to an unknown address, Bithomp reveals that the receiving wallet belongs to Ripple. This receiving wallet also distributed 7.3 million tokens to several addresses.
These 50 million XRP tokens are part of Ripple’s assets that were recently released from escrow in May 2023. Ripple Labs unlocked 1 billion tokens on May 1 to meet its monthly escrow executions. However, they returned 700 million XRP to escrow, leaving 300 million tokens.
Due to the massive movement of coins from Ripple, some Twitter users indicated that the company was shedding assets. However, another user refuted the impression that dumping would require conversion to Ripple or exchanges.
In particular, a lawyer supporting Ripple, Bill Morgan, meant that Ripple was not releasing its assets to the market. Ripple instead buys many XRP tokens for more transactions to meet the growing demand for ODL.
XRP On The Road To Recovery?
XRP is experiencing price volatility as it tries to make a price recovery. However, its business volume is declining today over 20%.which could hamper its price recovery efforts.
The asset is in a sideways trend and is trying to shake off the prevailing bearish pressure. The move down stopped as it bounced off the $0.41 price level.
It is currently trading above its 200 days Simple Moving Average (SMA), a bullish signal for the asset. This means that its price is likely to rise in the long term.
His Relative Strength Index (RSI) is 33.20 and is near the oversold area which is a bearish signal. It is noteworthy that this indicator moves sideways, which reflects the current price behavior of the asset.
Also XRP Moving Average Convergence/Divergence (MACD) is below its signal line and shows negative values. It means that bears are still active in the market.
The coin found support at $0.41353 to move to the current level of $0.43. A break below $0.41 would push the asset down to support at $0.40141 and into a downtrend.
It faces the $0.43374 price level as its nearest resistance and a break above it will help the asset retest the $0.44586 resistance level. Expect more price growth ahead if the bulls prevail.
Featured image from Pixabay and chart from Tradingview
