XRP Whale Dumps 56 Mln Coins Amid Price Retracement, What’s Next?

Amid recent optimism in the Ripple community due to FIT21, XRP, the cryptocurrency backed by Ripple Labs, has experienced significant price volatility, deviating from typical market trends. This instability has been exacerbated by a well-known XRP whale, who has been offloading large quantities of XRP into centralized exchanges, drawing significant attention from the global crypto community.

Over the past 24 hours, data from an on-chain analytics platform revealed that nearly 56 million XRP were transferred to centralized exchanges (CEXs). This substantial sell-off has raised concerns among investors about XRP’s future performance and stability.

Whale Dump Ignites Investor Anxiety

According to the insights offered by Whale Alert, 56 million XRP was recorded to be offloaded via a couple of transactions by the same whale address. Notably, the address ..Rzn, a renowned XRP whale, transferred XRP to Bitstamp and Bitso.

The first transaction showcased that 30.08 million XRP, worth $15.63 million, was shifted to Bitso. Whereas, the second transaction illustrated that 25.8 million XRP, worth $13.40 million, was transferred to Bitstamp.

Although relatively small, these transfers highlight the presence of selling pressure, a factor that could potentially hinder XRP’s price from experiencing a significant increase. Moreover, Coinglass data spotlighted XRP liquidations worth $4.72 million in the past 24 hours, further adding to the turbulent performance.

Also Read: Shiba Inu’s Shytoshi Kusama Teases SHIB ETF Amid Ethereum ETF Greenlight

XRP Price Fluxes

As of writing, XRP’s price slipped 0.32% in the past 24 hours and is currently trading at $0.5249. The Ripple-backed token’s market cap rested at $29.09 billion. Further, the 24-hour trading volume saw a 102.28% spike, reaching $2.26 billion.

Meanwhile, Coinglass data pointed to a staggering 232.91% increase in the token’s derivatives volume, followed by futures and options OI slip of 5.16%. This data, collectively, paints the presence of mixed market sentiments among investors, potentially driven by speculative trading.

Adding on to the layer of intrigue, the RSI hovered at around 50, signaling that the asset is neither overbought nor oversold. This data further flags an uncertain picture of XRP’s future price movements.

However, its worth mentioning that Coinbase recently initiated XRP trading in New York, adding a slight tine of optimism on the token’s cryptographic venture.

Also Read: ETH Price Struggles to Rally Even After Ethereum ETF Approval, Sell The News Soon?