Ripple News: Whales Dump 30M XRP Despite v3.2.0 XRPL Mainnet Upgrade Hype
Highlights
- Whales have discarded over 30 million XRP tokens amid the recent XRPL mainnet upgrade.
- The network activity also registered a nosedive as active XRP addresses plunged from 50,000 to 25,000.
- XRP even lost the critical support level at $1.15 even as the XRPL upgrade stirred optimism in the community.
In Ripple news today, despite the excitement surrounding the latest XRP Ledger upgrade, XRP recorded massive selloff by whales. Moreover, the network activity suggests that active XRP addresses were also cut in half recently.
Ripple News: XRP Faces Pressure Amid Weak On-Chain Sentiment
Crypto analyst Ali Martinez noted that large investors have been selling off a ton of XRP in recent days for Ripple. “More than 30 million $XRP have been distributed by whales in the last five days,” he wrote on X. It suggests that whales have offloaded around $33.6 million worth of XRP at current prices.
The analyst also noted a drop in blockchain metrics of usage. Martinez said that the “$XRP network activity has dropped by nearly 50% in the past two weeks, as active addresses declined from 50,000 to around 25,000.” While the XRP ecosystem amid the XRPL upgrade continues to develop, the steep decrease in active addresses indicates a drop in participation.
The cautious mood prevailed as crypto analyst Jordan Kerridge, also known as TheMartiniGuy, posted a warning that XRP had broken an important technical support level. Kerridge said, “XRP has now lost the level bulls needed to hold” as he referred to the $1.15 support zone. At press time, the XRP price traded below this level at $1.12 on Friday, June 19.
In the Ripple news today, Kerridge also commented that several attempts to recover were unsuccessful. He stated, “Price pushed towards $1.28 and failed. Price pushed towards $1.25 and failed.” Moreover, for the lower range, he added, “price pushed towards $1.22 and failed. And now support is failing too.”
He also noted that he didn’t observe aggressive buying activity resuming in the market. Moreover, the analyst warned that XRP may continue to struggle as long as it fails to quickly regain the lost support level.
XRPL Upgrade Couldn’t Save The Day
The bearish on-chain and technical signals came about in the middle of the developers’ efforts to roll out the XRP Ledger’s v3.2.0 mainnet upgrade. The release features a set of infrastructure enhancements, security improvements and developer-specific features that will reinforce the network.
The most prominent change is that “rippled” is no longer used, and has been replaced by “xrpld” in the XLS-0095 update. This core server rebranding led to a surge in hype in the XRPL community. However, it has failed to impact the XRP price positively, as critics say.
Nonetheless, the June 15 rebranding brings alignment to the XRP Ledger’s ecosystem identity, per Ripple news updates. It will impact server metadata, server configuration paths, database directories, and version naming. Thus, scripts and configuration files of validators and node operators might need to be updated for compatibility reasons.
The v3.2.0 release also comes with the “fixCleanup3_2_0” amendment. It combines security-related fixes for Single Asset Vaults, the Lending Protocol, permissioned decentralized exchange, Multi-Purpose Tokens and permissioned domains.
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