XRP Price Slips Below $0.5 As Whale Offloads 30M XRP, What’s Next?

Coingapestaff
May 13, 2024
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XRP Price Slips Below $0.5 As Whale Offloads 30 Mln XRP, What's Next?

Highlights

  • XRP's price slips below the psychologically important level of $0.5.
  • Notable amounts of tokens dumped to an exchange appears to fall in line with this dip.
  • XRP's current price movements and market statistics.

The Ripple Labs-backed cryptocurrency, XRP, has ignited a torrent of bearish market sentiments today, May 13, slipping below the highly psychologically important level of $0.5. Illustrating signs of a pullback in the past seven days, the token has continued a waning price trajectory, with a whale’s massive dump further increasing downside pressure for the token.

Blockchain data illustrates that amid the token’s tumbled price movement in the past 24 hours, a renowned XRP whale offloaded slightly above 30 million tokens to an exchange. The Ripple Labs-backed token has, in turn, dipped below $0.5 following the massive dump.

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XRP Whale Activity Sparks Investor Concerns

According to the data revealed by Whale Alert, 30.23 million XRP was moved to Bitstamp by a renowned XRP whale, ..Hh4Rzn. Notably, this whale has been much assumed to be a potential Ripple-linked address.

Although no concrete proof has been offered yet, it’s worth noting that this address dump to Bitstamp soon emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in the CEX. Numerous reports by CoinGape Media have further brought these transactions to the spotlight.

Looking at the token’s daily timeframe chart, it can be seen that soon after the abovementioned whale transaction took place, prices further noted a dip, with XRP falling below $0.5. Here’s a deeper dive into the token’s current price movements and market statistics.

Also Read: AI News: 5 Potential Updates OpenAI May Announce This Week

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XRP Price Tumbles

As of writing, XRP’s price has tanked 2.94% in the past 24 hours and is currently trading at $0.4929. The token’s market cap slipped 2.88% to $27.29 billion, while the 24-hour trading volume jumped by 42.09% to $586.47 million.

Coinglass data showcased a 0.47% dip in XRP’s open interest to $553.19 million, whereas the derivatives volume spiked 88.82% to $553.19 million. This data has painted an uncertain market scenario for XRP, whilst the token’s recent dip appears to have nabbed significant attention.

In a post shared by pro-XRP lawyer Bill Morgan today, the token’s dip to the $0.4 price level was further brought attention to. Meanwhile, the RSI (Relative Strength Index) hovered at 37, underscoring some downside pressure for the token in the market. Also, the technical indicators flagged a robust selling sentiment among investors.

This has clouded expectations of XRP scaling the much-awaited level of $1 shortly. Further, the Ripple vs. SEC legal tussle has contributed to the token’s turbulent and sluggish performance.

Nonetheless, XRPL, the blockchain XRP leverages, marked monumental achievements this week. SBI Holdings’ Japanese crypto division announced recently that it is a now validator on XRPL. Moreover, Infinite Block, a Korean virtual asset service provider, revealed that it is participating as a validator on the layer 1 blockchain today.

Also Read: Bitcoin (BTC) Price: Analyst Unveils 2 Likely Scenarios To Watch

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.