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Tuesday, June 11, 2024
HomeCryptoFTX dumps over $5 million in XRP

FTX dumps over $5 million in XRP

In a development that caught the attention of the crypto community, PeckShieldAlert reported that addresses linked to FTX and Alameda transferred approximately $12 million worth of cryptocurrency, including 5 vBTC, worth about $7 million, was sent to Wintermute and 10 million WXRP worth $5.2 million was transferred to Binance.

Tokenized XRP exists on other blockchains, allowing XRP holders to use their assets in decentralized applications. Meanwhile, FTX and Alameda, both in bankruptcy proceedings, have come under scrutiny for their cryptocurrency holdings and trading.

The amount of XRP that FTX is holding is still unknown. Reports from September indicated that the exchange had more than 225 million XRP in its accounts. If the most recent transfer data is accurate, the amount sent to Binance represents no more than 4.44% of the total XRP held by FTX and Alameda.

XRP price outlook

XRP is likely to correct another 7% after wiping out 3% of its value on Tuesday. At the time of writing, the 8th largest cryptocurrency is trading at $0.48.

XRP may find support at the June 7 low of $0.45, down nearly 7% from current levels. $0.4665, the April 19 low, could act as another support for XRP.

The relative strength index (RSI) fell to 35.03, quite close to the oversold level of 30. The signal line crossed above the Moving Average Convergence Divergence (MACD) on Thursday, June 6, in a price reduction move. The red histogram bars below the neutral line in MACD support the bearish thesis for XRP.

Source: TraidngView

If XRP can close the daily candle above the June 10 high of $0.50 it would invalidate the bearish thesis. The next target is the 50% Fibonacci retracement level at $0.53 of the decline from the April 9 high of $0.64 to the April 13 low of $0.41.


According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.


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