The MATIC market hit a 90-day low amid the mysterious token transfer. Meanwhile, bearish momentum is dominating the altcoin market, creating a potential buying opportunity. XRP, on the other hand, managed to print green indices against market sentiment. This prompted the whales to take profits.
Turmoil in this altcoin market
Bears are taking the Polygon (MATIC) market by storm. Accordingly, the bears pulled the altcoin price to a 90-day low of $0.8233. Thus, 30 million MATIC tokens worth about $25 million mysteriously went from Polygon Staking to an unknown wallet. This sudden cash shift has caused the crypto community to speculate about potential market impact. Some expect a rebound in demand, while others worry that selling pressure will push prices down further.
🚨 30,000,000 #MATIC (24,946,877 USD) transferred from Polygon Staking to unknown wallethttps://t.co/kZoahSJBdg
— Whale Alert (@whale_alert) May 12, 2023
At the time of writing, MATIC was trading at $0.8274, down 3.99% from the previous close. The altcoin’s market cap and 24-hour trading volume fell 4.01% and 15.30%, respectively, to $7,663,380,749 and $409,553,906. This drop adds to the continued instability of the market as investors cope after the significant MATIC move.
MATIC 24-hour price chart / Source: CoinMarketCapMATIC technical view: facing bearish pressure!
Crypto analyst Kelvin Munene looks at the MATIC drawing. On the MATIC 4-hour price chart, the 200-day moving average touched $1,029. Also, the 50-day moving average hit $0.932. The 50-day MA is lower than the 200-day MA, indicating that the MATIC’s recent price fluctuations are weaker than the long-term trend. This fluctuation may indicate that the selling pressure in the market is currently outweighing the buying pressure.
Price activity below both moving averages is also a negative indicator. It also points to a lack of confidence in the market, with investors potentially staying on the sidelines until further clarification on MATIC’s future trajectory. As a result, the MATIC market is facing bearish pressure. However, oversold conditions and rising CMF point to a potential buying opportunity for investors.
104 million XRP moved in whale wallets
cryptocoin.com As you follow, the global crypto market witnessed heavy selling pressure on Friday. Thus, the cumulative market capitalization fell almost 3% to around $1.10 trillion. However, Ripple’s native token XRP has managed to print green indices against market sentiment.
According to the data, the XRP price has fallen by about 15% in the past 30 days with bearish sentiment. On the other hand, XRP price has increased by about 2% in the last 24 hours, reversing the selling trend in the market. XRP is trading at an average price of $0.42 per press time. 24-hour trading volume increased by 25% to $1.22 billion. With this gain, XRP market cap increased by another $1.27 billion to $22.25 billion.
Leading crypto Bitcoin (BTC), on the other hand, has dropped more than 4% in the last 24 hours. It is worth noting that XRP gains come in this environment. Bitcoin is trading at an average of $26,442 at press time.
XRP 1-day price chart / Source: CoinMarketCapAccording to WhaleAlert data, crypto whales have moved 104 million XRP tokens (worth around $44 million) in multiple transactions in the past 24 hours. The biggest transaction recorded by the tracker was when a wallet called Ripple moved 50 million XRP (worth around $21 million).
According to experts, as XRP rises, whales seem to be selling off their holdings for profit. Whales moved around 54 million XRP tokens (worth approximately $23 million) in multiple transactions. Another transaction recorded by the tracker was to move 28 million XRP (worth about $11.5 million) to the Bitstamp Crypto exchange.
