XRP Whale Shifts Over 30M Coins As Price Dips Below $0.5, What’s Next?

Coingapestaff
June 10, 2024
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XRP Whale Moves Over 30M Coins Amid Price Slip Below $0.5, What's Next?

Highlights

  • A whale has offloaded over 30 million coins to a CEX, stirring speculations.
  • The transaction fueled bearish market sentiments despite the XRP price jump today.
  • XRP price struggles to maintain position above $0.5 despite an upswing in the past 24 hours.

Ripple’s native crypto, XRP is once again in the spotlight, grappling with intense market volatility. Notably, the token is facing challenges to maintain its position above the $0.5 price level.

Meanwhile, amid this volatile trading scenario, a whale was spotted offloading nearly 30 million coins to a centralized crypto exchange. This transaction has triggered a wave of concerns among investors speculating over the asset’s future price trajectory.

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Whale Dumps 30M Coins To Bitstamp: What’s The Scoop?

According to Whale Alert’s data, 30.32 million XRP, worth $15.07 million, was offloaded to Bitstamp, a Luxembourg City-based crypto exchange, today, June 10. The renowned XRP whale, Rzn, made this transaction.

Notably, the transfer of coins to Bitstamp increases the token’s market supply, thereby staging as a bearish factor for the asset. Aligning with this, XRP has struggled to break above the crucial support of the $0.5 despite a price jump in the past 24 hours.

The whale, Rzn, has been making repeated massive selloffs to Bitstamp, a phenomenon that CoinGape Media previously reported. This recurring pattern has sparked speculations about a possible link between the wallet and Ripple, particularly after Ripple’s stake acquisition in the CEX.

Meanwhile, it is also worth noting that Robinhood recently acquired Bitstamp making the platform to gain tech infrastructure to list XRP and XRP Ledger-tokens.

Also Read: OKX Becomes Latest Victim Crypto Theft As SMS Notification Security Fails

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XRP Price Jumps

Whereas, while writing, the XRP price noted 0.68% gains over the past day to $0.497. The token’s 24-hour lows and highs are $0.4937 and $0.5008, further underscoring the struggle to maintain a break above the $0.5 price level.

Coinglass data hinted at bearish market trends for the asset, as futures OI dipped 0.30% and derivatives volume plunged 36.31%. This underlines reduced investor interest, followed by a substantial decline in market activity orbiting XRP.

Besides, the RSI was somewhere around 38, painting a bearish outlook for the asset. These factors collectively validate the coin’s struggle to regain a break above the $0.5 price level, with bulls and bears fighting to take control.

Also Read: Crypto Prices Today June 10: BTC & Altcoins Regain Momentum, NOT & OM Top Gainers

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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.