Altcoin
XRP Price Challenges Market Trend as Whale Sells 52 Million Coins. What will happen?
Despite the broader cryptocurrency market showing signs of recovery today, the Ripple-backed asset XRP has maintained turbulent price action. While Bitcoin and Altcoins such as ETH, SOL and BNB gained, XRP on the contrary was trading in red territory. This downward price movement comes against the backdrop of the massive XRP dump from 52 million whales to two CEX. Here’s a quick report on whale activity over the past day and what the on-chain XRP data represents for future price movements.
Whale dumps 52 million coins into CEXs
In a couple of Whale Alert posts on on the last day. Through two transactions, the whale downloaded 30.65 million XRP and 21.62 million XRP on Bitstamp and Bitso respectively.
These transactions, underscoring a sense of increased selling pressure on the asset, coincide with today’s listless price action. In particular, previous media reports have further highlighted CoinGape XRP slow price action in tandem with this whale’s dump in the same exchanges.
While speculations are looming about a link between the address and Ripple, no concrete evidence has yet been provided to prove the same. For context, dumps from this address emerged as a recurring phenomenon in the crypto space soon after Ripple strategically acquired a stake in Bitstamp.
Meanwhile, XRP faces price volatility, falling after a notable trading session in the green region.
Read also: XRP Supply on Exchanges Falls to Monthly Low; Will the price hit bottom?
XRP price slides
At the time of writing, The price of XRP it dropped by 0.51% and is currently trading at $0.4731. The token’s 24-hour lows and highs were $0.4724 and $0.4795, respectively.
Coinglass data added a tinge of optimism to investors as XRP futures OI jumped 1.96% to $586.25 million. However, derivatives volume saw a decline of 48.82% to $578.55 million. This uncertain movement in the derivatives market could be a potential factor driving XRP price volatility.
Furthermore, the RSI was assessed at 38, suggesting downward pressure on the asset. Further downside momentum could push the token into oversold territory, paving the way for a potential price rebound.
Furthermore, recent reports from CoinGape Media further highlight enormous Whale XRP accumulations, tipping the balance toward the upside for the long-term price outlook.
Read also: Pepe Coin Whale Raises Concerns With 1 Tln PEPE Transferred to Binance, What’s Next?