- A prominent XRP whale has transferred 30 million tokens to an exchange, resulting in increased selling pressure.
- The cryptocurrency has lost crucial support at the $0.5 price level.
- The Relative Strength Index (RSI) indicates high selling pressure in the market.
As XRP loses crucial support at the $0.5 price level, a significant whale transfer of 30 million tokens to an exchange adds to the selling pressure. The RSI indicates a bearish market for the digital asset.
XRP Whale Transfer Exacerbates Selling Pressure
A prominent XRP whale has transferred a staggering 30 million tokens to an exchange, adding to the bearish sentiment engulfing the digital asset market in the past 24 hours. This move, possibly a cash out, has led to increased selling pressure, pushing the token on a downward trajectory. As per blockchain data, the trading volume of XRP, the seventh largest digital asset, surged by 52.33% in the past 24 hours, while its market capitalization stands at $27.2 billion.
XRP Loses Crucial Support at $0.5
As of 1:32  a.m. ET Monday, the price of XRP stands at $0.4925, down 3%. Pro-XRP lawyer Bill Morgan highlighted on social media that XRP had lost the $0.5 price level and is currently trading at $0.4. This loss of crucial support has further dampened investor sentiment.
RSI Indicates Bearish Market
According to the chart provided by TradingView, the Relative Strength Index (RSI) for XRP/USDT on a daily time frame has turned bearish, reading 37.63. This indicates that the bears are currently in control of the XRP price action, with sellers dominating the market. If the situation persists, the token might go into the oversold region. In March, the price of the digital asset rose as high as $0.744 but went as low as $0.4188 in mid-April. Investors are now hoping for XRP to strengthen its price action above $0.5.
Conclusion
The recent whale transfer and loss of crucial support at the $0.5 price level have led to increased selling pressure for XRP. The RSI indicates a bearish market, with the potential for the token to enter the oversold region if the current trend continues. Investors will be closely watching for any signs of a recovery above the $0.5 price level.
