Altcoins
XRP Price Defies Market Trend As Whale Drops 52 Million Coins, What’s Next?
Although the broader crypto market is showing signs of recovery today, Ripple-backed asset XRP has retained turbulent price action. While Bitcoin and Altcoins like ETH, SOL and BNB gained, XRP conversely traded in the red territory. This downward price movement comes against the backdrop of a massive dumping of 52 million XRP from one whale to two. CEX. Here is a brief report on whale activity over the past day and what on-chain XRP data represents for future price movements.
A whale abandons 52 million coins to CEX
In a few Whale Alert articles on stock exchanges during the last day. Through two transactions, the whale dumped 30.65 million XRP and 21.62 million XRP into Bitstamp and Bitso, respectively.
These transactions, highlighting a sense of increased selling pressure on the asset, coincide with today’s listless price action. Notably, previous CoinGape media reports have further highlighted XRP slow price action in tandem with the dumping of this whale on the same exchanges.
Although speculations about the address linked to Ripple are also looming, no concrete evidence to prove the same has been offered yet. As a reminder, dumps at this address emerged as a recurring phenomenon in the crypto space shortly after Ripple strategically acquired a stake in Bitstamp.
Meanwhile, XRP is tackling price volatility, falling after a notable trading session in the green region.
Read also: XRP supply on exchanges falls to lowest level in months; Will the price hit bottom?
XRP price slips
At the time of writing, The price of XRP fell by 0.51% and currently stands at $0.4731. The token’s 24-hour low and high were $0.4724 and $0.4795, respectively.
Coinglass data added a tinge of investor optimism as XRP’s Futures OI surged 1.96% to $586.25 million. However, derivatives volume saw a 48.82% decline to $578.55 million. This uncertain movement in the derivatives market could be a potential factor in XRP price volatility.
Additionally, the RSI was assessed at 38, suggesting downward pressure on the asset. Further downward momentum could take the token towards oversold territory, paving the way for a potential price rebound.
Additionally, recent reports from CoinGape Media highlight huge XRP Whale accumulations, tipping the scales towards a bullish outlook for the long-term price outlook.
Read also: Pepe Coin Whale Raises Concerns With 1 Trillion PEPE Transfer to Binance, What’s Next?