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Whale moves 56 million coins amid price fluctuations. What comes next?
In the context of a consolidation witnessed by XRP, a cryptocurrency backed by Ripple Labs, whale activity around the token has once again attracted significant attention among crypto market participants. According to network data that has emerged on the global crypto horizon, it has been alerted that a renowned XRP whale has offloaded nearly 56 million coins to CEXs over the past 24 hours, causing a stir in the crypto community.
The whale transactions, which involved significant dumps of XRP on exchanges, sparked a wave of pessimistic sentiment towards the token’s crypto venture. Here is a detailed report on the factors contributing to the current bearishness surrounding the Ripple-backed token.
XRP Whale Dumps Raise Concerns
According to the on-chain insights offered by Whale Alert, 56.01 million XRP were moved in the last day through some transactions. Interestingly, both transactions were made by the same prominent XRP whale,…Rzn.
The first transaction illustrated that 29.98 million XRP was transferred to Bitso, a CEX based in Mexico City. Meanwhile, the second transaction highlighted that 26.03 million XRP was transferred to Bitstamp, a CEX based in Luxembourg City.
These transactions highlighted an increase in selling pressure on the Ripple-backed token in the market, in line with today’s price drop. Considering the on-chain data has further added a bearish tone to the 7th largest cryptocurrency by market cap.
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XRP Price Falls
At the time of writing, XRP Price it has fallen 0.54% in the last 24 hours and is currently at $0.5161. The token’s 24-hour trading volume fell 9.34% to $1.09 billion, accompanied by a 0.69% market capitalization drop to $28.52 billion. This further underlined the current bearish movement of the Ripple-backed token in the market.
Coinglass data contributes to this bearish stance, indicating a bearish market trend for XRP. The token’s open interest fell 1.93% to $570.17 million, while derivatives volume fell 5.66% to $795.95 million. This further highlights a sense of waning investor interest in the Ripple-backed token.
However, the RSI hovered near 47, signaling that the asset is neither overbought nor oversold, adding to the enigma surrounding XRP’s future price movements. Meanwhile, it is also important to note that regulatory uncertainties further cloud XRP’s future as the token mostly bears the brunt of legal setbacks.
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