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XRP Whale Moves Over 30M Coins Amid Price Slip Below $0.5, What’s Next?
Ripple’s native crypto, XRP is once again in the spotlight, grappling with intense market volatility. Notably, the token is facing challenges to maintain its position above the $0.5 price level.
Meanwhile, amid this volatile trading scenario, a whale was spotted offloading nearly 30 million coins to a centralized crypto exchange. This transaction has triggered a wave of concerns among investors speculating over the asset’s future price trajectory.
Whale Dumps 30M Coins To Bitstamp: What’s The Scoop?
According to Whale Alert’s data, 30.32 million XRP, worth $15.07 million, was offloaded to Bitstamp, a Luxembourg City-based crypto exchange, today, June 10. The renowned XRP whale, Rzn, made this transaction.
Notably, the transfer of coins to Bitstamp increases the token’s market supply, thereby staging as a bearish factor for the asset. Aligning with this, XRP has struggled to break above the crucial support of the $0.5 despite a price jump in the past 24 hours.
The whale, Rzn, has been making repeated massive selloffs to Bitstamp, a phenomenon that CoinGape Media previously reported. This recurring pattern has sparked speculations about a possible link between the wallet and Ripple, particularly after Ripple’s stake acquisition in the CEX.
Meanwhile, it is also worth noting that Robinhood recently acquired Bitstamp making the platform to gain tech infrastructure to list XRP and XRP Ledger-tokens.
Also Read: OKX Becomes Latest Victim Crypto Theft As SMS Notification Security Fails
XRP Price Jumps
Whereas, while writing, the XRP price noted 0.68% gains over the past day to $0.497. The token’s 24-hour lows and highs are $0.4937 and $0.5008, further underscoring the struggle to maintain a break above the $0.5 price level.
Coinglass data hinted at bearish market trends for the asset, as futures OI dipped 0.30% and derivatives volume plunged 36.31%. This underlines reduced investor interest, followed by a substantial decline in market activity orbiting XRP.
Besides, the RSI was somewhere 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 fighting to take control.
Also Read: Crypto Prices Today June 10: BTC & Altcoins Regain Momentum, NOT & OM Top Gainers
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.
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