Altcoin
XRP Whale Dumps 52M Coins Amid Price Upswing, What’s Next?
Against the backdrop of a substantial upward momentum embarked upon by XRP, the Ripple-backed cryptocurrency, a whale has taken action to offload considerable amounts of coins to centralized exchanges. On-chain statistics illustrate that nearly 52 million coins were dumped amid XRP’s recent price recovery in the past 24 hours. This has raised severe concerns among investors betting over the asset’s future price action. So, let’s look deeper into the whale activity and on-chain market data orbiting XRP.
Whale Dump Sparks Bearish Concerns
Notably, massive token dumps to exchanges commonly stage as a bearish market factor, impacting prices negatively due to increased supply. Concerning this, according to data revealed by Whale Alert, an on-chain transaction tracking platform, 52.54 million XRP was collectively dumped to two CEXs by a well-known XRP whale over the past day.
A total of 30.04 million XRP, valued at $14.53 million, was transferred to Bitstamp, a Luxembourg-based crypto exchange. Simultaneously, the same whale shifted 22.60 million XRP, worth $10.93 million, to Bitso, a Mexico-based exchange.
Underscoring a sense of increased selling pressure, these transactions sparked bearish sentiments among crypto market participants, as mentioned above. However, XRP has traded in the green today, defying usual market expectations and aligning with the broader crypto market recovery-like trend due to the U.S. CPI data announcement.
Also Read: These Altcoins Are Outpacing The Crypto Market Rebound
XRP Price Soars
As of writing, XRP traded at $0.4877, noting a 1.26% upswing over the past day. The token’s market cap rested at $27.06 billion. Its daily lows and peaks for today are $0.4783 and $0.4975, respectively.
Meanwhile, the price upswing also aligns with a recent optimistic announcement for the XRP ledger (XRPL), XRP’s blockchain. Ripple is in talks to introduce a new stablecoin, RLUSD, to stabilize transactions within XRPL.
However, the futures OI slipped 1.55%, whereas the derivatives volume jumped 2.90%, painting an uncertain portrait of current market sentiments on the asset. While the trading activity spiked considerably in the futures market, investor interest in the asset reduced.
Besides, the RSI continued to move near 38, underlining the presence of downside pressure on the asset. This could mean XRP could witness a turbulent movement ahead. However, should the RSI enter an oversold territory, the Ripple-backed crypto price could witness a significant price rebound ahead.
Also Read: Bitcoin Whales Buy The Dips With BTC Exchange Supply At 3-Year Low
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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: