XRP has taken a significant bearish turn today, mirroring the broader crypto market’s decline and a massive sell-off by a whale, which has raised concerns about future price movements. In the past day, nearly 65 million XRP have been dumped onto exchanges, alarming market participants.
XRP is currently affected by the overall market downtrend, with Bitcoin (BTC) also slipping to around $57K. Despite recent positive developments in the XRP lawsuit, the whale’s sell-off has sparked speculation about the token’s future price direction.
XRP Price Decline Amid Massive Whale Sell-Off
In a series of posts shared by the on-chain transaction tracker Whale Alert, it was revealed that 64.70 million XRP coins were transferred to centralized exchanges (CEXs) by the same whale address. According to the data, the address …Rzn was responsible for this significant dump.
Intriguingly, the whale moved 32.69 million XRP, valued at $15.12 million, to the Bitso crypto exchange. In another transaction, the whale transferred 32.01 million XRP, worth $14.82 million, to the Bitstamp crypto exchange.
The emergence of these transactions during a period when XRP is showing signs of a pullback has intensified bearish market sentiments. Speculations persist that this whale could be linked to Ripple, especially since these transactions became more frequent after Ripple acquired a stake in Bitstamp.
Meanwhile, XRP’s price continued to dip, aligning with the whale’s massive sell-off and the broader market trend. Despite positive developments in the Ripple vs. U.S. SEC lawsuit, such as Ripple filing a notice of supplemental authority, the XRP community has yet to see a significant shift in market sentiment.
XRP Price Drops Amid Market Uncertainty
At press time, XRP’s price showed signs of a pullback, falling 6.84% to $0.4502. The Ripple-backed asset’s 24-hour low and high were $0.4486 and $0.4833, respectively.
XRP’s futures open interest (OI) dipped 10.08% to $547.41 million, coinciding with the price drop. However, the derivatives volume surged 86.88% to $1.58 billion, hinting at uncertain market sentiment for XRP.
Meanwhile, crypto analyst Dark Defender highlighted the cryptocurrency’s turbulence below $0.4623 on X. The analyst noted that the volume is currently shallow, indicating a lack of market activity with minimal buying or selling. This could potentially lead to a dip to $0.3917 if XRP closes below $0.4623. Crypto market enthusiasts are closely watching the token for significant shifts ahead.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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