XRP Price Flounders as 36.96M Tokens Transferred off of MEXC

• XRP valued at $20.98 million was sent out of the MEXC exchange.
• Buying momentum had become weak, suggesting another slide for the token.
• Open Interest decreased, indicating a possible dump to $0.55.

According to the Whale Alert X handle, a whale moved Ripple (XRP) worth $20.98 million from the MEXC exchange to another wallet on December 10. This transfer happened as XRP continued to trade sideways following its tumble from $0.63 on January 3. 

XRP was trading at $0.56 at press time following a 10.25% plunge in the last seven days. Despite the lackluster performance, the substantial outward transfer from MEXC to a non-exchange wallet suggests at least one whale has faith in the long-term potential of XRP.

Buyers Have No Strength

Based on the 4-hour XRP/USD chart, the cryptocurrency has been consolidating between $0.55 and $0.58 since January 3. Coin Edition observed the RSI on the chart and noticed that the buying momentum has been slow.

As of this writing, the RSI was 45.57. The recent trend shown by the indicator revealed that buyers have repeatedly tried to push up the XR…

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