XRP Price Defies Market Trend As Whale Dumps 52M Coins, What’s Next?

Despite the broader crypto market showing signs of a recovery today, the Ripple-backed asset XRP has retained a turbulent price action. While Bitcoin and Altcoins like ETH, SOL, and BNB gained, XRP conversely traded in the red territory. This slumping price movement comes against the backdrop of a whale’s massive 52M XRP dump to two CEXs. Here’s a brief report on whale activity over the past day and what XRP on-chain data portrays for future price movements.

Whale Dumps 52 Mln Coins To CEXs

In a couple of posts by Whale Alert on X, it was brought to attention that the renowned XRP whale …Rzn collectively shifted 52.27 million XRP, worth $24.95 million, to two exchanges over the past day. Through two transactions, the whale dumped 30.65 million XRP and 21.62 million XRP to Bitstamp and Bitso, respectively.

These transactions, underscoring a sense of increased selling pressure on the asset, coincide with today’s listless price action. Notably, previous reports by CoinGape media have further spotlighted XRP’s sluggish price action in tandem with this whale’s dump to the same exchanges.

While speculations over the address being linked to Ripple also loom, no concrete proof to prove the same has been offered yet. For context, the dumps by this address emerged as a recurring phenomenon in the crypto space soon after Ripple strategically acquired a stake in Bitstamp.

Meanwhile, XRP tackles price volatility, dipping after a notable trading session in the green region.

Also Read: XRP Supply on Exchanges Drops To Months Low; Price To Hit Rock Bottom?

XRP Price Slips

As of writing, XRP’s price dipped 0.51% and is currently sitting at $0.4731. The token’s 24-hour lows and peaks were $0.4724 and $0.4795, respectively.

Coinglass data added a tint of investor optimism as XRP’s Futures OI jumped 1.96% to $586.25 million. However, the derivatives volume saw a 48.82% fall to $578.55 million. This uncertain movement in the derivatives market could be a potential factor driving XRP price volatility.

Additionally, the RSI was evaluated as 38, hinting at downside pressure on the asset. Further downside momentum could bring the token to an oversold territory, paving the way for a potential price rebound.

Besides, recent reports by CoinGape Media further highlight massive XRP whale accumulations, tipping the scale towards bullish for long-term price prospects.

Also Read: Pepe Coin Whale Sparks Concerns With 1 Tln PEPE Transfer To Binance, What’s Next?