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Highlights
- An XRP whale transferred nearly 25 million coins to a CEX.
- The selloff sparked speculations as XRP gained an upward momentum following the dump.
- XRP's price jumps, however a consolidation might be looming over the crypto horizon.
In an intriguing turn of events, following a correctory phase witnessed across the broader crypto market recently, an XRP whale’s massive transfer to a Luxembourg City-based CEX appears to be gaining noteworthy traction among crypto market traders and investors globally, as the Ripple-backed token’s price regained an upward momentum today, March 18. Amid a recovery phase embarked upon by Bitcoin subsequent to its drop below $70K due to a massive crypto market selloff, XRP’s today’s jump falls in line with the broader uptrend witnessed by altcoins across the cryptocurrency universe.
Meanwhile, the abovementioned whale’s substantial 25.85 million XRP selloff birthed speculations over the Ripple-backed token’s contrasting price action today, as it surged despite supply gains on exchanges. This, in turn, curated a torrent of speculative buzz orbiting XRP’s much-awaited run to potentially scale the $1 level shortly ahead. A tidal wave of optimism on the token’s capability to hit $1 already prevails in the broader crypto market, as seen by leading analysts’ predictions spotlighted by CoinGape Media.
XRP Whale’s 25 Mln Selloff: A Closer Look
According to the insights offered by Whale Alert, 24.85 million XRP, worth $15.44 million, was transferred by a renowned XRP whale, r4wf7enWPx…5XgwHh4Rzn, to Bitstamp yesterday, March 17. Following the whale’s notable selloff, the Ripple-backed token contrastingly gained an upward momentum, reaching the $0.62 mark today. This sparked immense curiosity among crypto market enthusiasts globally, questioning the whale dump’s potential impact on XRP’s price.
Whereas, the token’s massive drop after hitting a peak of $0.74 has kept investors on their toes. This seems to be due to Bitcoin’s recent price correction, although the broader crypto market currently portrays signs of a rolling-out recovery.
Despite the whale’s massive dump to Bitstamp, XRP’s significant upholding of the $0.62 level marks pivotal, potentially paving the way for future pumps if the token keeps up the positive trend. Meanwhile, XRP continued to trade in the green, nabbing significant attention.
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XRP’s Price Jumps
As of writing, XRP’s price noted a 2.84% increase over the past 24 hours and is currently trading at $0.6266. With considerable stability, the token has managed to stay above the $0.62 mark, sparking immense enthusiasm among traders and investors globally.
Analysis by CoinGape Media suggests if this positive trend prevails, XRP could even scale the $0.8 mark ahead. With further growing bullish strength, the Ripple-backed token could surpass the $0.9 resistance level, optimistically paving its path for a rapid ascent to $1.
However, with XRP’s open interest, volume, and OI-weighted funding rate down as of press time, sentiments of an imminent consolidatory phase loom, with the RSI hovering at 52.
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