Crypto market uncertainty has led to a dip in the price of XRP, which was down by 5.33% over the past 24 hours, trading at $0.433. The decline was a result of the general dip in the crypto market due to macroeconomic uncertainty and industry concerns.
This sell-off, which started in May, has resulted in only two positive days for XRP out of eight, marking a sharp decline from its peak in mid-April.
Despite this, there are indications that XRP may be nearing an oversold condition, as portrayed by the daily RSI, which is nearing 30. This condition may lead to a rebound for XRP, as an RSI reading of 30 or below often indicates an undervalued or oversold condition. However, if the declines perpetuate, the nearest major support for XRP will coincide with the daily MA 200 at $0.41.
In the midst of this dip, large holders of XRP, or whales, are making moves on the network. Crypto data tracker Whale Alert has reported significant XRP transfers in the last 24 hours.
These include a transfer of 50 million XRP worth $21,874,438 from Crypto.com exchange to an unknown whale wallet, and another transfer of 113.2 million XRP worth $51,650,912 between unknown whale wallets. Additionally, 29 million XRP worth $13,243,791 were moved from an unknown wallet to the Bitstamp crypto exchange.
As the crypto market remains volatile, investors are advised to exercise caution when trading in XRP and other cryptocurrencies.
