What to Know:
- A substantial 57 million XRP was transferred between unknown wallets, valued at over $122 million.
- Despite the large transaction, XRP’s price remained stable within a tight range, showing no immediate market reaction.
- Key support levels for XRP are around $2.05-$2.08, while resistance lies at $2.28-$2.32, defining its current trading range.
XRP recently saw a significant on-chain transaction involving 57 million tokens, worth approximately $122 million, moved between two unidentified addresses. This event has drawn attention from investors monitoring large-scale XRP movements. However, the market’s reaction has been surprisingly muted.
Despite the size of the transaction, XRP’s price has shown remarkable stability. Trading activity has remained confined within a narrow range, specifically between $2.1637 and $2.1818. This price action suggests a balance between buying and selling pressures.
The lack of immediate price movement may indicate strong underlying support for XRP. Order books on major exchanges like Binance appear normal. This suggests that the market is absorbing the transaction without significant disruption.
Currently, XRP faces strong resistance in the $2.28-$2.32 range. Over $420 million in sell orders are stacked above this level. This explains the difficulty XRP has faced in breaking higher.
In conclusion, while a large XRP transaction has captured attention, the cryptocurrency’s price stability suggests a resilient market. Traders are closely watching key support and resistance levels to anticipate the next significant move.
Source: Original article
