- XRP whale continues to move notable amounts of coins to exchanges, raising investor concerns.
- XRP’s price fluctuates near the $0.52 price level with sideways trading in recent days.
- Nearly 50 million XRP shifted to Bitstamp and Bitso over the past 24 hours, giving rise to increased supply pressure on exchanges.
Discover the latest developments in the XRP market as a major whale offloads significant amounts of the cryptocurrency, impacting its price dynamics and investor sentiment.
XRP Whale Dump: A Bearish Concern
According to insights revealed by the on-chain transactions tracking platform Whale Alert, nearly 50 million tokens were noted to have been offloaded in the past 24 hours. As per the data, the well-known XRP whale going by the address Rzn was reported to have been dumping the abovementioned amount to CEXs Bitstamp and Bitso.
The first transaction illustrated 29.28 million XRP, worth $15.40 million, being shifted to Bitstamp. Simultaneously, the second transfer illustrated 19.88 million XRP, worth $10.45 million, being moved to Bitso.
These transactions underscore increased supply pressure on exchanges for the Ripple-backed asset, which in turn acts as a hurdle for XRP’s price to pump. On-chain and technical statistics for the crypto further shroud future price movements in an enigmatic cloud.
Market Sentiment and Analyst Opinions
Meanwhile, it’s worth remembering that renowned crypto market analysts Dark Defender and Egrag Crypto have continued to hang on to the bullishness surrounding XRP’s potential to top $1 shortly ahead, as reported by CoinOtag Media.
Conversely, current market data hints otherwise. The regulatory uncertainty created by the Ripple vs. SEC lawsuit, further accompanied by the FIT21 crypto bill, adds to the enigmatic scenario for XRP’s future price movements.
XRP Price Fluctuates Near $0.52, What’s Happening?
According to CoinMarketCap data, XRP’s weekly chart shows that the token consolidates between the $0.51 and $0.54 price levels. As of writing, the Ripple-backed token traded at $0.5299, a 0.94% increase from yesterday. Further, the 24-hour lows and highs were recorded as $0.5226 and $0.5326, respectively.
Coinglass data further rationalized XRP’s turbulent movement. The OI jumped 4.07% to $639.03 million, whereas the derivatives volume fell 26.57% to $718.00 million. This data underscored reduced market activity for the asset, although new money entered the futures market, underlining some investor interest despite sluggish price movement.
Technical Indicators and Future Outlook
Besides, the RSI continued to hover at around 51, hinting that the asset is neither overbought nor oversold. Collectively, the data illustrates that the token awaits a takeover by bulls or bears.
The regulatory uncertainty created by the Ripple vs. SEC lawsuit, further accompanied by the FIT21 crypto bill, adds to the enigmatic scenario for XRP’s future price movements.
Conclusion
In summary, the recent movements by the XRP whale have raised significant concerns among investors, contributing to increased supply pressure on exchanges and impacting the token’s price dynamics. While some analysts remain optimistic about XRP’s potential to reach $1, current market data and regulatory uncertainties suggest a more cautious outlook. Investors should closely monitor these developments to make informed decisions.
