XRP Whale Moves 50 Million Coins at $0.52 Amid Price Fluctuations, Can $1 Be Reached?
XRP, the cryptocurrency backed by ripple Labs, continues to attract attention in the cryptocurrency space. The price of the token, which is currently moving at a slow pace, has sparked a storm of predictions among crypto market traders and investors about its future price path.
Notably, amidst the volatile price movement of the Ripple-backed token, a famous XRP whale poured nearly 50 million coins into the exchange, further impacting the tokenomy. Crypto market participants continue to speculate about the potential of the Ripple-backed cryptocurrency reaching its much-anticipated $1 price target as this whale continues to send significant amounts of tokens to exchanges.
XRP Whale Breakdown: Bearish Concerns
According to the information revealed by the on-chain transaction monitoring platform Whale Alert, it was recorded that approximately 50 million tokens were emptied in the last 24 hours. According to the data, the well-known XRP whale going to the Rzn address reportedly transferred the above-mentioned amount to CEXs bitstamp and bitso.
The first transaction shows 29.28 million XRP worth $15.40 million being shifted to Bitstamp. Simultaneously, in the second transfer, it was seen that 19.88 million XRP worth $10.45 million was moved to Bitso.
These transactions underscore the increasing supply pressure on exchanges for the Ripple-backed asset, which is hindering the price of XRP from rising. On-chain and technical statistics for crypto further shroud future price movements in a mysterious cloud.
Meanwhile, it is worth remembering that renowned crypto market analysts Dark Defender and Egrag Crypto continue to remain bullish on the potential of XRP to rise above $1 soon, as reported by parofix Media.
On the contrary, current market data shows the opposite.
Also Read: Binance Announces XRP and Other Major Crypto Listings, What’s Next?
XRP Price Fluctuates near $0.52, What’s Happening?
According to CoinMarketCap data, XRP’s weekly chart shows the token consolidating between the $0.51 and $0.54 price levels. As of this writing, the Ripple-backed token was traded at $0.5299, up 0.94% from yesterday. Additionally, the 24-hour low and high were recorded at $0.5226 and $0.5326, respectively.
Coinglass data further rationalized XRP’s turbulent move. OI increased by 4.07% to $639.03 million, while derivatives volume decreased by 26.57% to $718.00 million. This data highlighted reduced market activity for the asset despite new money entering the futures market, underscoring some of the investor interest despite weak price action.
Additionally, the RSI has remained around 51, indicating that the asset is neither overbought nor oversold. Collectively, the data suggests that the token is poised to be taken over by bulls or bears.
Meanwhile, the regulatory uncertainty created by the Ripple and SEC case, accompanied by the FIT21 crypto bill, further adds to the enigmatic scenario regarding XRP’s future price movements.
Also Read: Crypto Prices Today, May 29: Bitcoin Flows at $68K, ETH at $3,800, WIF Rises 23%, NOT 11%
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