XRP Takes a Bearish Turn as Whale Dumps 65 Million Coins, What’s Next?
Against the backdrop of today’s significant bearish movement of the crypto market, an XRP whale continued to pour significant amounts of coins into exchanges. It was recorded that approximately 65 million XRP was dumped in the past day, raising serious concerns among crypto market participants.
XRP is currently feeling the heat of the broader market downtrend, as seen in Bitcoin’s (BTC) slide to $57,000. Moreover, despite the recent developments in the XRP case, the whale’s collapse has brought with it a storm of speculation regarding future price movements.
Whale Throws Away 65 Million Dollars
In several posts shared by on-chain transaction tracker Whale Alert, it was noted that 64.70 million coins were shifted to CEXs via the same whale address. According to the data, the …Rzn address was recorded as performing a large dump.
Interestingly, the whale shifted 32.69 million XRP worth $15.12 million to the bitso crypto exchange. Meanwhile, in another transaction, the whale shifted 32.01 million XRP worth $14.82 million to the bitstamp crypto exchange.
The emergence of these transactions at a time when XRP is showing signs of a pullback has increased the bearish sentiment in the market. It is also worth noting that there is ongoing speculation that this whale is affiliated with ripple. For context, these transactions have become a recurring phenomenon after Ripple strategically acquired a stake in Bitstamp.
Meanwhile, the XRP price continued to fall in line with the whale’s massive drop and the broader market trend. Despite the positive developments in the Ripple-US SEC case, with Ripple filing an additional power of attorney, the XRP community is yet to witness a significant shift in market sentiment.
Also Read: German Government Transfers Another 1300 Bitcoins to Coinbase, Kraken and Bitstamp
XRP Price Tanks
At press time, XRP price is showing signs of a pullback, down 6.84% to $0.4502. The 24-hour low and high of the Ripple-backed asset are at $0.4486 and $0.4833 respectively.
Coinciding with the price drop, XRP Futures OI fell 10.08% to $547.41 million. However, derivatives volume rose 86.88% to $1.58 billion. This indicated an uncertain market sentiment for XRP.
Meanwhile, crypto analyst Dark Defender has highlighted the cryptocurrency’s turbulence below $0.4623, favoring X. The analyst notes that volume is currently shallow, indicating a lack of market activity with no selling or buying. This could potentially pave the way for a drop to $0.3917 if XRP closes below $0.4623.
Crypto market enthusiasts continue to monitor the token for vital changes ahead.
Also Read: Ethereum’s Release EIP-7732 Proposes Major Change to Block Validation Process, Here’s All
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