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XRP Whale Dumps 56 Million Coins Amid Price Fluctuations, What’s Next?
Despite the recent FIT21With optimism and relief born around the Ripple community, XRP, the cryptocurrency backed by Ripple Labs, has seen quite turbulent price action, defying the usual market sentiments. Amidst this heightened volatility, a renowned XRP whale continued to dump significant amounts of XRP coins onto centralized exchanges, attracting interest across the global crypto community.
Nearly 56 million XRP were transferred to CEXs in the last 24 hours, according to data from an on-chain analytics platform. This chronicle has sparked concerns among investors surrounding XRP’s future performance.
Whale dumping raises investor anxiety
According to the insights offered by Whale Alert, 56 million XRP were registered to be downloaded through some transactions by the same whale address. Notably, the address ..Rzn, a renowned XRP whale, transferred XRP to Bitstamp and Bitso.
The first transaction showed that 30.08 million XRP, worth $15.63 million, were transferred to Bitso. Whereas the second transaction illustrated that 25.8 million XRP, worth $13.40 million, was transferred to Bitstamp.
Although relatively small, these transfers highlight the presence of selling pressure, a factor that could potentially prevent the price of XRP from experiencing a significant increase. Additionally, Coinglass data highlighted XRP liquidations worth $4.72 million over the past 24 hours, further adding to the turbulent performance.
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XRP Price Flows
At the time of writing, XRP Price is down 0.32% in the last 24 hours and is currently trading at $0.5249. The market capitalization of the Ripple-backed token stood at $29.09 billion. Additionally, 24-hour trading volume increased by 102.28% to reach $2.26 billion.
Meanwhile, Coinglass data pointed to a surprising 232.91% increase in the token’s derivatives volume, followed by a 5.16% futures and options OI drop. This data collectively reveals the presence of mixed market sentiments among investors, potentially driven by speculative trading.
Adding to the layer of intrigue, the RSI hovered around 50, signaling that the asset is neither overbought nor oversold. This data further signals an uncertain picture of future XRP price movements.
However, it is worth mentioning that Coinbase recently started XRP Trading in New York, adding a slight touch of optimism to the token’s crypto venture.
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