XRP Whale Dumps 71 Million Coins Amid Bearish Market, Pressures Price Down to $0.39

  • The cryptocurrency market is witnessing significant activity with high-volume sales from a major XRP whale.
  • These sales are contributing to bearish sentiments and price pressures within the XRP market.
  • A noteworthy 70.9 million XRP have been sold, intensifying market scrutiny and speculation.

XRP faces increased downward pressure from whale sales, raising concerns about future price movements.

Massive XRP Whale Sales Impact Market Sentiments

The recent actions of an influential XRP whale have garnered significant attention within the cryptocurrency community. On-chain data from Whale Alert revealed that approximately 70.9 million XRP, valued at around $31.29 million, was transferred to two different exchanges in under 24 hours. This substantial offloading has not only impacted the XRP price but also stirred broader market sentiments.

Detailed Breakdown of Transactions

According to Whale Alert, the notable whale address, designated as …Rzn, moved 35.8 million XRP ($15.80 million) to Bitso, a prominent centralized exchange in Mexico City, and another 35.1 million XRP ($15.49 million) to Luxembourg-based Bitstamp. These actions are consistent with the whale’s historical trend of significant sales on these platforms, contributing to a bearish outlook for the asset.

XRP Price Dynamics Amid Whale Activity

In light of these large-scale transactions, XRP’s price has experienced notable fluctuations. It dipped to $0.39, highlighting the substantial influence that whale activities can exert on market prices. This price movement aligns with broader market trends that are currently experiencing bearish pressures, further compounding XRP’s downward trajectory.

Market Analyses and Insights

Market analysts have been quick to respond to these developments. For instance, the crypto market analyst Dark Defender emphasized the critical nature of the $0.39 price point, identifying it as the Point of Control (POC) where the highest volume of trades has occurred since 2014. This suggests that the current price could serve as a significant support level, potentially stabilizing XRP amidst ongoing volatility.

Influence of Market Sentiment on XRP

Despite various advancements and upgrades by Ripple, including their ongoing regulatory battle with the U.S. SEC, XRP’s market performance remains sluggish. The continued sell-offs by the whale have sparked negative sentiments, overshadowing otherwise positive news for the cryptocurrency.

Potential Price Rebound Scenarios

In a contrasting perspective, some analysts and influential market participants have expressed optimism about XRP’s potential for a rebound. Pro-XRP lawyer Bill Morgan highlighted his recent acquisition of XRP, positioning it as a strategic buy during the dip. Such actions by high-profile investors could bolster market confidence and ignite a recovery, assuming broader market conditions improve.


In summary, the ongoing XRP whale sales have placed considerable downward pressure on the asset’s price, aligning with bearish market trends. However, key support levels and strategic purchases by influential community members provide a glimmer of hope for potential stabilization and recovery. As market dynamics continue to evolve, stakeholders will closely monitor these developments, weighing the risks and opportunities inherent in XRP’s future trajectory.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

Latest News

Major MKR Whale Deposits $7M to Binance, Alters Maker (MKR) Price Dynamics

Recent movements by a significant Maker (MKR)...

Upbit Sees 30% Trading Volume Drop Amid New South Korean Crypto Regulations

South Korea's new crypto regulations have significantly...

Cardano (ADA) Faces Critical Support Battle Amid Market Downturn: Will Bulls Defend Key Range?

Cardano, the 10th-largest cryptocurrency by market cap,...

Bitcoin Conference and Ethereum ETF Approval Set to Drive Crypto Market This Week

This week marks a pivotal moment for...

PRO Analysis

Dogwifhat Price Targets $4 Amid Strong Bullish Momentum

Dogwifhat is experiencing a notable upward momentum...

BOOK OF MEME Coin Soars 47% Amid Bullish Patterns: Potential To Hit $0.015

BOOK OF MEME price experiences a significant surge,...

PIXFI Faces Bearish Turn: Analysis and Key Levels for July 2024

#Pixelverse, a prominent crypto gaming platform, launched its...

Dogecoin Leads the Pack: 2024’s Top Dog-Themed Meme Coin Performance Analysis

In 2024, dog-themed meme coins such as...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.

XRP Price Surges Amid Speculation of Ripple Settlement in Rescheduled SEC Meeting

XRP is once more in the spotlight as the SEC reschedules a crucial closed-door meeting set for July 25. ...

Major MKR Whale Deposits $7M to Binance, Alters Maker (MKR) Price Dynamics

Recent movements by a significant Maker (MKR) whale indicate a strategic approach to market engagement. This whale has been actively depositing...

Upbit Sees 30% Trading Volume Drop Amid New South Korean Crypto Regulations

South Korea's new crypto regulations have significantly impacted major exchanges. These regulations are designed to enhance the security and transparency of...