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XRP Whale Moves 50 Million Coins Amid Price Fluctuations $0.52, $1 Attainable?
The Ripple-Labs-backed cryptocurrency XRP continues to attract attention in the cryptocurrency sphere. The token’s price, which is currently moving at a slow pace, has generated a storm of conjecture among crypto market traders and investors about its future price trajectory.
Notably, amidst the volatile price movement undertaken by the Ripple-backed token, a renowned XRP whale dumped nearly 50 million coins on an exchange, further impacting tokenomics. Crypto market participants continue to speculate on the Cryptocurrencies backed by Ripple potential to hit the long-awaited $1 price target ahead as this whale continues to dump significant amounts of tokens to exchanges.
XRP Whale Dump: A Bearish Concern
According to insights revealed by on-chain transaction tracking platform Whale Alert, nearly 50 million tokens were offloaded in the last 24 hours. According to the data, the known XRP Whale going by the Rzn address would have dumped the aforementioned amount to CEXs Bitstamp and Bitso.
The first transaction saw 29.28 million XRP, worth $15.40 million, being transferred to Bitstamp. Simultaneously, the second transfer saw 19.88 million XRP, worth $10.45 million, being transferred to Bitso.
These transactions highlight the increased supply pressure on exchanges for the Ripple-backed asset, which in turn acts as an obstacle to the rise in the price of XRP. Crypto’s technical and on-chain statistics further wrap future price movements in an enigmatic cloud.
Meanwhile, it is worth remembering that renowned crypto market analysts Dark Defender and Egrag Crypto continued to cling to the optimism surrounding XRP Potential to Surpass $1 coming soon, as reported by CoinGape Media.
On the other hand, current market data suggests otherwise.
Read too: Binance Reveals XRP and Other Top Crypto Listings, What’s Next?
XRP Price Fluctuates Near $0.52, What’s Happening?
According to data from CoinMarketCap, XRPs The weekly chart shows that the token is consolidating between the $0.51 and $0.54 price levels. At the time of writing, the Ripple-backed token traded at $0.5299, up 0.94% from yesterday. Furthermore, the 24-hour lows and highs were recorded at $0.5226 and $0.5326 respectively.
Coinglass data further rationalized XRP’s turbulent movement. OI jumped 4.07% to $639.03 million, while derivatives volume fell 26.57% to $718.00 million. This data highlighted the reduction in market activity for the asset, although new money entered the futures market, underlining some investor interest despite the slow price movement.
Furthermore, the RSI continued to hover around 51, suggesting that the asset is neither overbought nor oversold. Collectively, the data illustrates that the token awaits a takeover by either bulls or bears.
However, the regulatory uncertainty created by Ripple vs. Ripple Lawsuit SECfurther accompanied by the FIT21 crypto bill, contributes to the enigmatic scenario for XRP’s future price movements.
Read too: Crypto Prices Today, May 29: Bitcoin Flows at $68K, ETH at $3,800, WIF Up 23% NOT 11%