Altcoin
XRP Price Struggles To Reach $0.49 As Whales Shift 64M Coins, What’s Next?
In a riveting turn of events, XRP, one of the largest cryptos by global market cap, has recently taken a bearish turn, slipping to the $0.48 price level amid a consolidation. The token’s price trajectory further waned today, during which XRP whales have once again taken action to shuffle nearly 64 million XRP to and fro CEXs in the past 24 hours. This has filled a bag of mixed market sentiments among crypto enthusiasts while also presenting the token with significant buying and selling pressure in hand. Here’s an overview of the XRP’s current on-chain stats and price movements.
Whales Shuffle Coins Birthing Market Uncertainty
Notably, on-chain statistics illustrate that two separate whale transactions collectively aided in the transfer of 64.54 million XRP. A renowned whale has continued to add to his XRP holdings, whereas another renowned whale offloaded the same.
According to the data revealed by the on-chain transaction tracker Whale Alert, 32.89 million XRP, worth $15.75 million, was accumulated by the address rarG6FaeYh from Binance. Conversely, the address 5XgwHh4Rzn offloaded 31.65 million XRP, worth $15.14 million, to Bitstamp. While one of these transactions stages as a bullish factor, the other comes on the contrary.
It’s worth noting that the address ..Rzn is a well-known XRP whale that constantly transfers coins to the exchanges Bitstamp and Bitso. Meanwhile, the whale rarG6… has recently started to bag XRP amid the coin’s recent slip near the $0.5 price level.
These transactions have ignited mixed sentiments among investors surrounding the token’s future price trajectory, emerging in stark contrast to each other. Simultaneously, XRP takes the heat, showcasing a turbulent price movement dominantly in the negative territory in recent days, emerging in tandem with these transactions.
Also Read: Crypto Prices Today June 12: Bitcoin & Altcoins Extend Bearish Movement, PEPE Price Rallies
XRP Price Plunges
As of writing, XRP traded at $0.4814, down 1.28% in the past 24 hours. The token’s 24-hour bottoms and tops are $0.4726 and $0.487, respectively, illustrating a tight trading session.
Notably, weekly charts show that XRP’s price has been consolidating below the $0.5 price level since June 8, with the trajectory finally waning to the $0.48 level yesterday. Moreover, the token has shown signs of a pullback in the same time frame, dipping 8.52%. This has raised severe investor concerns orbiting future movements.
Meanwhile, the RSI dipped further, nearing 33, underscoring the downside pressure on the asset. However, this could also mean that XRP could reach an oversold territory to see a price upswing moving ahead.
Also Read: Bitcoin Miner Capitulation Can Extend BTC Price Drop to $62,500
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: