Similar to other digital currencies, XRP is also going through a major correction amid a drop in retail and institutional crypto demand. However, large XRP transactions have spiked since the start of April 2022.
While most of the transfers resulted in the movement of XRP coins away from exchanges, some crypto whales started sending large amounts to leading crypto trading platforms.
One of the mentioned transfers was observed recently by Whale Alert. On Friday 15 April 2022, a crypto whale account sent 90 million XRP coins to Bitstamp.
The transfer, which was executed at 9:41 UTC, had a total value of approximately $70 million. Earlier this month, a prominent crypto wallet moved 40 million XRP worth $32 million to Bitstamp. In March, Whale Alert highlighted a transfer of 35 million XRP from FTX to a crypto wallet.
The latest surge in whale XRP transactions had an impact on its price.
XRP/USD Major Trend: Bearish
Ripple’s (XRP) price is still in a downward correction. On April 15, buyers attempted to push XRP above the $0.80 high but were repelled.
For the past three days, the bulls could not sustain the bullish momentum above the recent high. The cryptocurrency is likely to face rejection at the recent high. Meanwhile, on April 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that XRP will fall to level 1.618 Fibonacci extension or $0.74. The upward move will resume if price retraces to the $0.74 low or above the moving averages.
