- The cryptocurrency market is abuzz with the latest developments surrounding XRP.
- Recent whale selloffs have stirred significant speculation among investors.
- A notable transaction involving 56 million XRP has caught the attention of the crypto community.
Discover the latest on XRP’s market movements and what they mean for investors.
Whale Dump Ignites Investor Anxiety
According to insights from Whale Alert, a staggering 56 million XRP was 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. 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.
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, it’s worth mentioning that Coinbase recently initiated XRP trading in New York, adding a slight tone of optimism on the token’s cryptographic venture.
Conclusion
The recent whale selloffs and subsequent price fluctuations of XRP have undoubtedly stirred the market. While the selling pressure poses challenges, the renewed trading activity in markets like New York offers a glimmer of hope. Investors should stay vigilant and keep an eye on further developments to navigate this volatile landscape effectively.
