XRP Whale Offloads 27 Mln Tokens to Bitstamp, Will XRP Price Drop Below $0.50?
XRP, the native crypto of Ripple, has again fallen below the $0.53 mark after extreme volatility hit the crypto market lately. Amid the bearish turn, a massive whale dump has been recorded for XRP. In addition, crypto analysts expect a further slump in XRP price that could potentially push it lower than $0.50.
Will XRP Fall Below $0.50?
According to data from Whale Alert, a blockchain tracking platform, a significant sell-off has been reported for Ripple’s XRP. In one of the latest transactions, over 27 million XRP tokens were dumped by a whale amid the recent price drop.
The trader transferred $27.7 million XRP tokens to Bitstamp, a Luxembourg-based crypto trading platform. The transaction was worth $14.48 million. Moreover, it’s important to note that most of XRP whale offloading took place via Bitstamp in recent times.
On the other hand, XRP Captain, a supporter of XRP, provided an analysis of the future performance of the Ripple-backed XRP. Recently, XRP Captain took to X and revealed that the XRP price is slated to plunge below $0.50 soon. This suggests a decline of over 5% from the current price trend.
However, they noted that XRP is poised to register a Falling Wedge breakout after the massive drop. This implies that a bullish rally is imminent despite the recent price crash. The chart attached alongside the analysis indicates an XRP price surge beyond $0.64, suggesting a 21% increase from the recent price range of around $0.52.
Also Read: Spot XRP ETF: Ripple Actively Hiring Executives To Prepare For Filing?
XRP Price Plunges Below $0.53
Ripple’s XRP witnessed a drop of $1.09% in value to $0.5262 at press time on Monday, January 29, 2024. Whilst, the crypto held a market cap of $28.58 billion, down 1.17%. On the contrary, the trading volume for XRP soared by 31.67% to $588.47 million.
Earlier today, the XRP price surged to a high of $0.533 before slumping lower than $0.53. In addition, the Ripple-backed crypto attained a low of $0.5217 during the bearish turn. Furthermore, XRP is trading 86.30% below the all-time high of $3.84 recorded in January 2018.
Moreover, the TradingView moving averages indicator suggests a ‘Strong Sell’ signal for XRP. Currently, the XRP price is trading substantially lower than its 50-day and 200-day EMA of 0.57326 and 0.56730, respectively. This suggests a rigid bearish trend for XRP both in the short and long term.
Also Read: Gemini Lists New XRP Pair, Here’s How Price Reacts
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
