Investors remain alarmed as the XRP whale moves a significant amount of coins to exchanges amid price fluctuations.
XRP, a cryptocurrency supported by Ripple Labs, continues to garner significant interest within the cryptocurrency community. Due to its sluggish movement, the token’s price trajectory has sparked speculation among crypto market participants and investors.
Notably, amid the Ripple-backed token’s volatile price movement, a well-known XRP whale has sold nearly 50 million coins on an exchange, exacerbating the impact on tokenomics. Participants in the cryptocurrency market continue to speculate about the likelihood that the Ripple-backed coin will reach the highly anticipated $1 price benchmark shortly as this whale continues to dump substantial quantities of tokens onto exchanges.
XRP Whale Dump: A Bearish Concern
Whale Alert, a platform that monitors on-chain transactions, has identified the offloading of approximately 50 million tokens within the last twenty-four hours. Based on the available data, it has been reported that the renowned XRP whale with the address Rzn was dumping the sum, as mentioned earlier, to CEXs Bitstamp and Bitso.
The initial transaction involved the transfer of 29.28 million XRP to Bitstamp, totaling $15.40 million. Concurrently, the second transfer documented the transfer of Bitso, a total of 19.88 million XRP, valued at $10.45 million.
These transactions highlight the heightened supply pressure on exchanges for the asset secured by Ripple, thereby preventing the price of XRP from escalating. In addition, on-chain and technical statistics for the cryptocurrency obscure the trajectory of future price fluctuations.
In the interim, it is noteworthy to recall that Dark Defender and Egrag Crypto, both reputable crypto market analysts, have maintained their optimistic stance regarding XRP’s potential to surpass $1 shortly, as CoinGape Media has reported.
XRP Price Fluctuates Near $0.52, What’s Happening?
The weekly chart for XRP indicates that the token consolidates between $0.51 and $0.54, as reported by CoinMarketCap. The Ripple-backed token was trading at $0.5299 at the time of writing, an increase of 0.94% from yesterday. The documented 24-hour minimum and maximum values were $0.5226 and $0.5326, respectively.
Coinglass information provided additional justification for XRP’s turbulent movement. The volume of derivatives decreased by 26.57% to $718.00 million, while the OI increased by 4.07% to $639.03 million. This information highlighted diminished market activity for the asset; however, fresh capital entered the futures market, indicating investor interest despite the asset’s lethargic price movement.
In addition, the RSI remained near 51, indicating that the asset is neither overbought nor oversold. The data suggests that the token is susceptible to being acquired by bulls or bears.
In the interim, the FIT21 crypto measure and the regulatory uncertainty generated by the Ripple vs. SEC lawsuit further complicate the scenario regarding the future price fluctuations of XRP.
