XRP Price: Whale Dumps 25 Mln Coins Amid Dip To $0.5, What’s Next?

Coingapestaff
March 20, 2024
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XRP Whales Dumping Heavily As Ripple To Move $125 Million

Highlights

  • Renowned XRP whale continues dumping tokens.
  • XRP market dynamics paint a bearish landscape, aligning with the whale's dump.
  • XRP price falls substantially, reaching the $0.5 mark.

In what comes as an unexpected curveball witnessed within the cryptocurrency universe, XRP, a cryptocurrency backed by Ripple Labs, curated a tsunami of speculations today, March 20, as a renowned whale continued dumping significant amounts of tokens amid XRP’s price dip to $0.5. Following a noteworthy upward momentum showcased by the Ripple-backed token over the past few days, as it topped $0.7, this whale’s dump underscored XRP’s recently witnessed bearishness within the broader crypto market, birthing a torrent of speculative buzz on the token’s price action ahead.

Meanwhile, this drop further mirrored the market corrections witnessed in recent days, with BTC slipping to the $61K mark as of press time. A broader downtrend followed by altcoins, curated with BTC’s plunge’s ripple effect, appears to be further pulling XRP’s price to a slump, among a stockpile of crypto prices dip jotted today.

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XRP Whale Transaction: 25 Mln Coins On The Move

According to the insights unveiled by the blockchain tracker Whale Alert, a renowned XRP whale shifted 24.7 million XRP, worth $15.04 million, to a Luxembourg City-based CEX named Bitstamp, fueling the token’s supply on exchanges. This added a tint of bearishness to the altcoin, as XRP had already slumped remarkably prior to the selloff. Coupled with its massive drop below $0.6, this dump birthed a pool of bearishness for the Ripple-backed token.

In the interim, market data for XRP added on to the abovementioned bearishness, showcasing signs of bears taking control today. Technical indicators and derivatives data nabbed significant attention among crypto market enthusiasts, giving rise to a storm of speculations on the token’s enigmatic market movement.

Also Read: Altcoins Now In ‘Opportunity Zone’, Key Altcoins to Buy on Dips

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XRP Dips

While writing, XRP’s price noted a 3.29% drop over the past 24 hours and is currently trading at $0.5813. With a market cap plunge of 3.67%, accompanied by a 24-hour trading volume fall of 9%, the token continued curating bearish waves across the vast sea of crypto.

Derivatives data by Coinglass illustrated a substantial drop in open interest and volume, hinting at decreased market activity and reduced positive investor sentiment. The technical indicators for XRP further hinted at a selling sentiment prevailing within the market, with the RSI hovering around 44. This signaled a position neither in the overbought nor oversold region, although the token may be trending toward being oversold.

Also Read: US Crypto Firms Outcompete Global Peers with $300K Wage Pay: Bloomberg

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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.