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- XRP’s price plunged below $0.5 today, causing a stir in the crypto community. A renowned XRP whale’s considerable token dump appears to have fueled the price dip.
- Blockchain data shows that amid the token’s tumbled price movement in the past 24 hours, a renowned XRP whale offloaded slightly above 30 million tokens to an exchange.
- According to the data revealed by Whale Alert, 30.23 million XRP was moved to Bitstamp by a renowned XRP whale, ..Hh4Rzn. Notably, this whale has been much assumed to be a potential Ripple-linked address.
XRP’s price dip below $0.5 and the role of a renowned XRP whale’s token dump in this price movement. The article provides insights into the current market scenario and future outlook of XRP.
XRP Price Slips Below $0.5
The Ripple Labs-backed cryptocurrency, XRP, has ignited a torrent of bearish market sentiments today, May 13, slipping below the highly psychologically important level of $0.5. Illustrating signs of a pullback in the past seven days, the token has continued a waning price trajectory, with a whale’s massive dump further increasing downside pressure for the token.
XRP Whale Activity Sparks Investor Concerns
Blockchain data illustrates that amid the token’s tumbled price movement in the past 24 hours, a renowned XRP whale offloaded slightly above 30 million tokens to an exchange. The Ripple Labs-backed token has, in turn, dipped below $0.5 following the massive dump.
XRP Price Tumbles
As of writing, XRP’s price has tanked 2.94% in the past 24 hours and is currently trading at $0.4929. The token’s market cap slipped 2.88% to $27.29 billion, while the 24-hour trading volume jumped by 42.09% to $586.47 million.
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Conclusion
The recent dip in XRP’s price below the $0.5 mark has sparked concerns among investors. The role of a renowned XRP whale’s token dump in this price movement has been highlighted. As the market scenario remains uncertain, investors are advised to do their market research before investing in cryptocurrencies.
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