The digital asset market has had a rather tumultuous 2024 thus far. Indeed, a host of currencies struggling to find their footing so far this year amid volatile prices and inconsistent technical data. However, one struggling asset may have found some positive developments, as Ripple has seen a mystery 264 million XRP transfer helped its price recover $0.5
Well-informed crypto analyst service, Whale Alert, first identified the massive XRP transfer taking place. Specifically, the transaction saw $127.3 million worth of XRP trade hands. Moreover, the transfer was conducted by Bitvavo, the firm stated, which is a Europe-based cryptocurrency exchange.
Also Read: Ripple: 3 Reasons XRP is Down 25% Since December
XRP Whale Transfer Helps Price Recover; Is It Sustainable?
Since the start of the new year, the digital asset market has found itself on a stark decline. Various assets have struggled to find their footing as we hurdle towards the end of January. Moreover, among the hardest hit assets is Ripple, whose XRP token has been on a clear downward trajectory since December of 2023.
However, there may be a glimmer of hope forming for investors. Indeed, Ripple has seen a mystery 264 million XRP transfer help its price regain a crucial $0.5 level. Although the reasoning behind the transfer has not yet been stated, it has intrigued investors over possible implications.
Also Read: Ripple: El Salvador Bitcoin Advisor Says XRP to Fall 98%, to $0.01
Since taking back the crucial level, the price has been maintaining a small increase. Specifically, XRP is currently trading at $0.51 and is up more than 1% over the last 24 hours according to CoinMarketCap. However, there remains abundant selling pressure facing the cryptocurrency in the years early weeks.
Coinglass has reported that more than $1.53 million in liquidations from XRO took place in the last 24 hours alone. Moreover, further exploration shows that $1.24 million of that were long liquidations, with only $289.23K being short liquidations.
With so much selling taking place, many consider it a great time to purchase XRP. Despite its bearish momentum at this point in the year, it is hard to believe a turnaround is not nearing. Specifically, its legal disputes with the US Securities and Exchange Commission (SEC) should take place at some point this year. Then, it could find itself facing a reversal, with bullish momentum abounding.