Crypto whales at it again: 90 million XRP moved: XRP/USD confluence detector

Whales are rather feared characters in the cryptocurrency market. The effect of them moving assets in the market has either negative or positive effects to the price action owing to the fact that the crypto market is still very volatile. There have been a series of colossal transfers of funds in the market lately. The cryptocurrency enthusiasts are trying to demystify the meaning of these massive transactions.

While the above transactions could have spiked interest in the crypto community, the events that took place today will leave most people perplexed. There has been a whale transfer from an unidentified wallet that saw at least 90 million of XRP digital assets moved. What is even more intriguing being that the destination wallet was unknown too. The estimated value of the token sent is $33.49 million.

Ripple price technical picture – Confluence Detector

Ripple is trading at $0.37 at the time of writing. The above transaction has been ignored as trading activity slows down in the wake of the Christmas celebrations. Before Christmas, XRP/USD recovered incredibly to test the resistance at $0.46. However, the asset has been correcting lower this week, besides it is changing hands below the simple moving averages (1-hour chart).

The FXStreet confluence detector tool shows that marginally above the current XRP value, resistance will be faced at $0.3738. Another level that will be an uphill task to break above is $0.3815. A break above this level will pave the way for correction above $0.4. However, the price will see the upside capped at $0.4007 as well as the level at $0.4122. On the flipside, the asset will find a weak support at $0.3509. The asset does not have as strong support areas like the above mentioned resistance levels, see chart below. Another support is highlighted at $0.3240.