XRP Price: Whale Moves 56M Coins Amid Price Fluctuations, What’s Next?

Against the backdrop of a consolidation witnessed by XRP, a cryptocurrency backed by Ripple Labs, whale activity surrounding the token has once again nabbed significant attention among crypto market participants. Per on-chain data surfacing across the global crypto horizon, it was brought to attention that a renowned XRP whale has offloaded nearly 56 million coins to CEXs in the past 24 hours, causing a stir in the crypto community.

The whale transactions, which involved significant XRP dumps to exchanges, have sparked a wave of bearish sentiment towards the token’s cryptographic venture. Here’s a detailed report on the factors contributing to the current bearishness surrounding the Ripple-backed token.

XRP Whale Dumps Raise Concerns

According to the on-chain insights offered by Whale Alert, 56.01 million XRP was moved over the past day through a couple of transactions. Intriguingly, both the transactions were done by the same prominent XRP whale, …Rzn.

The first transaction illustrated that 29.98 million XRP was moved to Bitso, a Mexico City-based CEX, Meanwhile, the second transaction highlighted that 26.03 million XRP was shifted to Bitstamp, a Luxembourg City-based CEX.

These transactions underscored an increased selling pressure on the Ripple-backed token in the market, falling in line with its tumbled price action today. Whereas, on-chain data further added a bearish tint to the 7th largest cryptocurrency by market cap.

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XRP’s Price Tumbles

As of writing, XRP’s price has fallen 0.54% in the past 24 hours and is currently resting at $0.5161. The token’s 24-hour trading volume dipped 9.34% to $1.09 billion, accompanied by a market cap slip of 0.69% to $28.52 billion. This further underlined the Ripple-backed token’s current bearish movement in the market.

Coinglass data adds to this bearish stance, indicating a market downtrend for XRP. The token’s open interest dipped 1.93% to $570.17 million, whereas the derivatives volume slipped 5.66% to $795.95 million. This further spotlights a sense of reduced investor interest in the Ripple-backed token.

However, the RSI stood near 47, signaling that the asset is neither overbought nor oversold, adding to the enigma around XRP’s future price movements. Meanwhile, its also worth noting that the regulatory uncertainties further cloud XRP’s future, as the token primarily bores the brunt of legal setbacks .

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