XRP Price Dropped Below $0.5 While Whale Uploaded 30 Million XRP, What’s Next?
ripple Labs-backed cryptocurrency XRP fell below the psychologically crucial level of $0.5 today, May 13, sparking bearish market sentiment. The token is showing signs of a pullback over the last seven days, but the whale’s massive decline continues its price trend, further increasing the downward pressure on the token.
Blockchain data shows that a famous XRP whale transferred just over 30 million tokens to the exchange, amid the token’s falling price movement over the last 24 hours. The Ripple Labs-backed token fell below $0.5 after the big drop.
XRP Whaling Activity Raises Investors’ Concerns
According to data released by Whale Alert, 30.23 million XRP was moved to bitstamp by the famous XRP whale ..Hh4Rzn. In particular, it is assumed that this whale is a potential address linked to Ripple.
Although no concrete evidence has yet been provided, it is worth noting that this address dump to Bitstamp quickly emerged as a recurring phenomenon following Ripple’s strategic acquisition of shares in cex. Numerous reports prepared by parofix Media have further highlighted these transactions.
Looking at the daily timeline chart of the token, it can be seen that shortly after the aforementioned whale transaction took place, prices dropped further and XRP fell below $0.5. Here you will find a deeper look at the token’s current price movements and market statistics.
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XRP Price Dropped
As of writing, the price of XRP has gained 2.94% in the last 24 hours and is currently trading at $0.4929. While the market value of the token decreased by 2.88% to $27.29 billion, its 24-hour trading volume increased by 42.09% to $586.47 million.
Coinglass data shows that XRP’s open position decreased by 0.47% to $553.19 million, while derivative volume increased by 88.82% to $553.19 million. While this data paints an uncertain market scenario for XRP, the token’s recent decline seems to have attracted a lot of attention.
In a post shared today by pro-XRP lawyer Bill Morgan, it was noted that the token had fallen to the price level of $0.4. Meanwhile, the RSI (Relative Strength Index) hovered around 37, highlighting some downward pressure for the token in the market. Additionally, technical indicators point to strong selling sentiment among investors.
This overshadowed expectations that XRP would soon scale to the much-anticipated $1 level. Additionally, the legal battle between Ripple and the SEC contributed to the token’s turbulence and slow performance.
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