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XRP Whale Crosses 30 Million Coins As Prices Drop Below $0.5, What’s Next?
Ripple’s native cryptocurrency, XRP, is once again in the spotlight, dealing with intense market volatility. Notably, the token is facing challenges to maintain its position above the $0.5 price level.
Meanwhile, in this volatile trading landscape, a whale was spotted dumping nearly 30 million coins into a centralized cryptocurrency exchange. This transaction has triggered a wave of concerns among investors speculating on the asset’s future price trajectory.
Whale Unloads 30 Million Coins on Bitstamp: What’s the Scoop?
According to data from Whale Alert, today, June 10, 30.32 million XRP, worth $15.07 million, was dumped on Bitstamp, a Luxembourg-based cryptocurrency exchange. The famous XRP whale, Rzn, made this transaction.
In particular, transferring coins to Bitstamp increases the market supply of the token, thus acting as a bearish factor for the asset. In line with this, XRP has struggled to break out of the crucial $0.5 support, despite a price jump over the past 24 hours.
THE whale, Rzn, has made repeated massive sales to Bitstamp, a phenomenon previously reported by CoinGape Media. This recurring pattern has sparked speculation about a possible link between the wallet and Ripple, particularly after Ripple’s acquisition of CEX’s stake.
Meanwhile, this is also worth noting Robin Hood recently acquired Bitstamp creating the platform to obtain the technological infrastructure to list XRP and XRP Ledger tokens.
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XRP price jump
While, while I was writing, the XRP Price
noted gains of 0.68% over the past day to $0.497. The token’s 24-hour lows and highs are $0.4937 and $0.5008, further underlining the struggle to maintain a break above the $0.5 price level.
Data from Coinglass hinted at a bearish market trend for the asset, with futures OI down 0.30% and derivatives volume down 36.31%. This highlights reduced investor interest, followed by a substantial decline in market activity orbiting XRP.
Furthermore, the RSI was around 38, painting a bearish outlook for the asset. These factors collectively validate the coin’s struggle to regain a break above the $0.5 price level, with bulls and bears battling to take control.