XRP Whale Offloads 29.5 Mln Tokens, Fall to $0.50 Imminent?
XRP, one of the most prominent cryptocurrencies by global market cap, curated a cyclone of speculations across the broader crypto market on Wednesday as the token noted another significant whale transaction. As per on-chain data surfacing over the crypto horizon, a whale recently dumped colossal amounts of XRP to a CEX, garnering substantial attention globally. Meanwhile, as the transaction emerged amid the Ripple-backed token’s bearish movement, additional inferences for the crypto seem to be birthing. Simultaneously, the token’s recent pullback to $0.51 appears to be mirroring today’s whale movement.
XRP Whale Dump: In-Depth Report
According to the data revealed by Whale Alert, a platform facilitating blockchain tracking, an unknown address recently transferred a staggering 29.5 million XRP to Bitstamp, a Luxembourg City-based CEX. Moreover, the amount transferred equaled a whopping $14.95 million as of writing.
Notably, the wallet address, r4wf7enWPx…5XgwHh4Rzn, was registered, making the aforestated transfer, garnering substantial attention among crypto market traders and investors. At the same time, the XRP price continued to reflect the whale transaction, portraying a slump today.
Intriguingly, the exact address appears to have offloaded significant amounts of XRP previously, coinciding with the token’s price slump in recent days. As reported by CoinGape media earlier, the same whale’s transfers are burgeoning following Ripple’s recent stake acquisition in Bitstamp.
Meanwhile, market sentiments for XRP seem alarmingly bearish, with the offloading chronicle emerging amid the token’s recent slump.
Also Read: Coinbase CLO Challenges Court Ruling In SEC vs Crowd Machine Lawsuit
XRP Price Plunges
The XRP price showcased a notable drop of 1.95% in the past 24 hours and is currently trading at $0.5159 as of press time. Moreover, the token’s weekly chart illustrated a 9.59% plunge, further accompanied by a monthly dip of 16.43%. However, the token’s trading volume jotted an upswing of 25.72%, reaching $1.42 billion today.
Aligning with this, a prominent crypto market analyst, Cryptoes, further shed light on the token’s current market dynamics. According to Cryptoes, XRP is resting on ‘HUGE’ weekly support. Besides, the token is still below the 21MA, EMA 50, and 200MA. This further aligned with the token’s bearish movement recently, building additional inferences among crypto market traders and investors globally.
Also Read: Bitcoin Miner Core Scientific Gears Up For Nasdaq Return
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Crypto Market Eyes Upside as FTX Set to Repay $1.6B to Customers
- Elon Musk’s X Vows Crackdown on Bribery Network Behind Crypto Scam Accounts
- Flare Unveils First XRP-Backed Stablecoin, Boosting XRP’s Utility
- MLP Bets Big on Climate Change: Favours Play-To-Impact, Over Play-To-Earn
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
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.
