Over $40 Billion Worth of XRP Transferred to Exchanges

Over the past week, more than $40 billion worth of XRP has been transferred to exchanges, indicating a potential sell-off risk. Notably, Binance's reserves surged during this period, suggesting investors are likely looking to offload their holdings.

Key Developments

XRP price peaked at $2.6, prompting profit-taking.
Bitcoin whales sold over 30,000 BTC, potentially influencing XRP whales to mirror this behavior.
Negative net flows indicate XRP is becoming oversold amid increasing sell-offs.
A recent ruling in the Ripple SEC lawsuit has contributed to selling pressure, resulting in a more than 4% drop in XRP.
Key support for XRP is at $2.38; dropping below could lead to further corrections.
Failure to hold above $2.69 may push XRP towards $2.30.
XRP has formed a double bottom structure after dipping to $2.3126 and is currently bouncing off a descending trend line.
A bounce from $2.3 could see XRP rise toward $3.8, with long-term projections between $27 and $33 in this market cycle.

XRP Chart

Currently, XRP is trading around $2.37, down nearly 2% in the last 24 hours.