News
XRP Whale Unloads 56 Million Coins Amid Price Fluctuations, What’s Next?
Despite the recent FIT21Optimism and relief born in orbit around the Ripple community, XRP, the cryptocurrency backed by Ripple Labs, has shown quite turbulent price action, defying the usual market sentiments. Amid this increased volatility, a renowned XRP whale has continued to dump significant amounts of XRP coins into centralized exchanges, sparking interest in the global crypto community.
Nearly 56 million XRP was dumped on CEXs in the past 24 hours, according to data from an on-chain analytics platform. This news has sparked concerns among investors regarding the future performance of XRP.
The whale dump raises investor anxiety
According to insights offered by Whale Alert, 56 million XRP were recorded downloaded via a pair of transactions from the same address as the whale. Notably, the address ..Rzn, a renowned XRP whale, transferred XRP to Bitstamp and Bitso.
The first transaction showed that 30.08 million XRP, worth $15.63 million, was transferred to Bitso. The second transaction, however, showed that 25.8 million XRP, worth $13.40 million, were transferred to Bitstamp.
While relatively small, these transfers highlight the presence of selling pressure, a factor that could potentially prevent the price of XRP from seeing a significant increase. Additionally, Coinglass data highlighted $4.72 million worth of XRP liquidations in the past 24 hours, further contributing to the turbulent performance.
Read also: Shiba Inu’s Shytoshi Kusama Teases SHIB ETF Among Ethereum Greenlight ETFs
XRP price flows
At the time of writing, The price of XRP it has slipped 0.32% in the past 24 hours and is currently trading at $0.5249. The market capitalization of the Ripple-backed token stood at $29.09 billion. Furthermore, the 24-hour trading volume saw a spike of 102.28% to $2.26 billion.
Meanwhile, data from Coinglass indicated a staggering 232.91% increase in the token’s derivatives volume, followed by a futures and options OI slide of 5.16%. This data, overall, paints a picture of mixed market sentiments among investors, potentially driven by speculative trading.
Adding to the level of intrigue, the RSI has been hovering around 50, signaling that the asset is neither overbought nor oversold. This data further signals an uncertain picture of XRP’s future price movements.
However, it is worth mentioning that Coinbase recently started XRP Exchange in New York, adding slight optimism about the token’s crypto venture.
Read also: ETH price struggles to recover even after Ethereum ETF approval, will we sell soon on the news?