- XRP Whale moves 50 million coins to exchanges, raising investor concerns.
- XRP’s price fluctuates at $0.52, with analysts debating its potential to hit $1.
The Ripple-Labs-supported cryptocurrency XRP continues to command attention in the cryptocurrency sphere. The token’s price, which is currently moving at a sluggish pace, has ignited a storm of conjecture among crypto market traders and investors about its future price path.
Amid the volatile price movement taken up by the Ripple-backed token, a renowned XRP whale has dumped nearly 50 million coins to an exchange, further impacting tokenomics. Crypto market participants continue to speculate over the Ripple-backed cryptocurrency’s potential to reach the much-anticipated price target of $1 ahead, as this whale has continued to dump significant amounts of tokens to exchanges.
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 crypto further shroud future price movements in an enigmatic cloud.
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, as reported by CoinGape Media. Conversely, current market data hints otherwise.
Ripple 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 Open Interest (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, underscoring some investor interest despite sluggish price movement.
Moreover, the Relative Strength Index (RSI) continued to hover at around 51, indicating that the asset is neither overbought nor oversold. Collectively, the data illustrates that the token awaits a takeover by bulls or bears.
Meanwhile, 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.
As XRP consolidates within a tight trading range and whale activity increases, the market remains on edge. Investors are keenly watching whether XRP will break out of its current price pattern and aim for the $1 mark or face further declines due to increased supply pressure. The upcoming weeks could be crucial for XRP’s price direction, influenced by both market dynamics and regulatory developments.