XRP Price Prediction as Unknown Whale Moves 30 Million XRP into New Wallet – What's Going On?
The XRP price has fallen by 4.5% in the past 24 hours, dropping to $0.471535 as the cryptocurrency market as a whole declines by 2%.
XRP's current price means that it has fallen by 8% in a week, although the altcoin has gained by 38% since the beginning of the year, suggesting that 2023 may end up being a year of recovery overall.
Despite its fall today, on-chain data reveals that a whale has transferred just over $15 million in XRP from an exchange to a private wallet, suggesting that the recent selling may be making way for accumulation.
And with Ripple also close to receiving a decision in its case with the SEC, XRP may be on the brink of a big rally in the next few weeks.
XRP's chart suggests that the coin may suffer further losses before it steadies itself and begins rising again, with various factor pointing towards such a conclusion.
Its relative strength index (purple) has dropped below 50 and still has plenty of room left to drop before the coin becomes oversold, implying more losses.
On top of this, XRP's 30-day moving average (yellow) still has to drop below its 200-day average (blue) before the coin can be said to have bottomed out, and with the 30-day average beginning to slow down it seems that it has just begun its descent.
What's worrying for XRP holders is that the altcoin has dropped through a number of earlier support levels, suggesting that the current selloff is a serious and potentially medium-term one.
That said, it now seems that whales have resumed buying the altcoin again, suggesting that its recent falls may be about to end.
Also, it needs to be remembered that XRP has one major piece of news to look forwards to: the end of the Ripple-SEC case, which could start a major rally if it ends in a favorable
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