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A Whale Moves 56 Million Coins Amid Price Fluctuations: What’s Next?
Against the backdrop of the consolidation witnessed by XRP, a cryptocurrency backed by Ripple Labs, whale activity around the token has once again attracted considerable attention among cryptocurrency market participants. According to on-chain data emerging across the global crypto horizon, it has been brought to attention that a famous XRP whale has dumped nearly 56 million coins on CEX in the last 24 hours, causing a stir in the crypto community.
The whale transactions, which resulted in significant dumps of XRP on exchanges, triggered a wave of bearish sentiment towards the token’s crypto firm. Here is a detailed report on the factors contributing to the current downtrend surrounding the Ripple-backed token.
XRP whale dumps raise concerns
According to on-chain insights offered by Whale Alert, 56.01 million XRP was moved across a pair of transactions over the past day. Interestingly, both transactions were made by the same major XRP whale, …Rzn.
The first transaction highlighted that 29.98 million XRP was moved to Bitso, a CEX based in Mexico City, while the second transaction highlighted that 26.03 million XRP was moved to Bitstamp, a CEX based in in Luxembourg City.
These transactions underlined increased selling pressure on the Ripple-backed token in the market, in line with today’s price collapse. Whereas, the on-chain data has further added a bearish tinge to the seventh largest cryptocurrency by market cap.
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XRP price collapses
At the time of writing, The price of XRP it has fallen by 0.54% over the past 24 hours and is currently trading at $0.5161. The token’s 24-hour trading volume fell 9.34% to $1.09 billion, accompanied by a decline in market capitalization of 0.69% to $28.52 billion. This further underlined the current bearish movement of the Ripple-backed token in the market.
Coinglass data adds to this bearish stance, indicating a bearish market trend XRP. The token’s open interest fell 1.93% to $570.17 million, while derivatives volume fell 5.66% to $795.95 million. This further highlights a sense of reduced investor interest in the Ripple-backed token.
However, the RSI stood near 47, signaling that the asset is neither overbought nor oversold, adding to the conundrum over XRP’s future price movements. Meanwhile, it is also worth noting that regulatory uncertainties further cloud XRP’s future, as the token mostly bears the brunt of legal setbacks.
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