Ripple whales have recently moved 483 million XRP tokens, causing the token’s price to drop over 8% since Aug. 30. Despite this, XRP is still inside a bullish technical setup, called the ‘Falling Wedge’, which could see the token’s price rise nearly 381% to a theoretical price target of $2.5.Whale Alert noted two transactions, one of which was Ripple transferring 31 million XRP tokens (worth $16.5 million) to an unknown wallet. The other was an unknown wallet moving over 424 million XRP tokens to another unknown wallet. Additionally, another crypto wallet moved over 29 million XRP tokens to the crypto exchange Bitstamp.XRP price has been struggling to break above the 200-day EMA (green wave) dynamic resistance, and news of the SEC losing its lawsuit against Grayscale failed to revive the token. The token has erased nearly 47% of the day’s gains in six weeks.The RSI for XRP remains neutral, with a score of 34 on the daily charts. If the selling pressure increases, the XRP price could drop to the support near $0.49. On the other hand, a bull run would require the XRP price to flip the 20-day EMA (red wave) resistance near $0.55 before targeting the resistance near $0.61.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	8
People	None
Companies	Bitstamp, Ripple, SEC, Whale Alert, Grayscale
Currencies	US Dollar, bitstamp, Ethereum, XRP, Bitcoin
Securities	None