A prominent XRP whale moved over 30 million coins to a centralized crypto exchange. Despite a price increase, the XRP price was below $0.5 today.
XRP, the cryptocurrency sponsored by Ripple Labs, is currently experiencing significant market volatility and is again in the public eye. The token is encountering an obstacle in its attempt to preserve its position above the $0.5 price point.
During this period of price volatility, a whale was observed moving nearly 30 million coins to a centralized crypto exchange. This transaction has incited a surge of apprehension among investors contemplating the asset’s future price trajectory.
XRP Whale Moves 30 Million Coins Into Bitstamp: What Is The Story?
Today, June 10, Bitstamp, a Luxembourg City-based crypto exchange, received 30.32 million XRP, valued at $15.07 million, according to Whale Alert’s data. The esteemed XRP monster, Rzn, executed this transaction.
It is important to note that transferring coins to Bitstamp increases the token’s market supply, which is an adverse factor for the asset. Despite a price increase in the past 24 hours, XRP has been unable to surpass the critical support of $0.5, which is consistent with this.
Rzn, the behemoth, has been conducting numerous substantial selloffs to Bitstamp, a phenomenon that CoinGape Media has previously documented.
This consistent pattern has prompted speculation regarding a potential connection between the wallet and Ripple, particularly in light of Ripple’s acquisition of a stake in the CEX.
In the interim, Robinhood, an additional cryptocurrency trading platform, recently acquired Bitstamp.
XRP Price Jumps
In contrast, the XRP price experienced a 0.68% increase over the previous day, reaching $0.497 during the composing process. The struggle to sustain a break above the $0.5 price level is further underscored by the token’s 24-hour lows and highs of $0.4937 and $0.5008, respectively.
Data from Coinglass suggested that the asset was experiencing adverse market trends, as futures OI decreased by 0.30% and derivatives volume plummeted by 36.31%.
This highlights a significant decrease in investor interest, followed by a substantial reduction in market activity surrounding XRP.
Additionally, the RSI was approximately 38, which indicated a pessimistic outlook for the asset. The coin’s ongoing battle to reclaim a foothold above the $0.5 price level is collectively supported by these factors as bulls and bears vie for control.