XRP Price Slips Below $0.5 As Whale Offloads 30M XRP, What’s Next?

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As a long-term crypto investor with experience in following the XRP market closely, I find the recent price movement of this token quite concerning. The dip below $0.5 and the massive XRP whale transaction to Bitstamp have sparked fears among investors. While there is no concrete evidence that the whale in question is a Ripple-linked address, the recurring pattern of such transactions following Ripple’s strategic stake acquisition in the CEX has raised eyebrows.

XRP, the cryptocurrency supported by Ripple Labs, experienced a surge of bearish sentiment on May 13, causing its price to drop below the significant threshold of $0.5. Over the past week, there have been indications of a downturn for this token as it has continued on a declining trend. A large investor’s sudden sell-off has added to the downward pressure on XRP.

As an analyst examining blockchain data, I’ve noticed that a prominent XRP investor, known as a whale in the crypto community, transferred approximately 30 million tokens to an exchange within the past 24 hours. This action occurred amidst the token’s fluctuating price movement. Consequently, Ripple Labs-supported XRP has dropped below $0.5 due to this substantial sell-off.

XRP Whale Activity Sparks Investor Concerns

Based on the information provided by Whale Alert, a well-known XRP whale, identified as Hh4Rzn, transferred approximately 30.23 million XRP to Bitstamp. It is often speculated that this address is connected to Ripple.

I’ve observed an intriguing pattern: after Ripple’s strategic investment in Bitstamp, there have been several instances of large address dumps to this exchange. No definitive evidence has been presented as of now, but this trend gained prominence following Ripple’s move. Reports from CoinGape Media have shed light on these transactions, adding fuel to the speculation.

As a researcher examining the daily chart of the token, I’ve observed that following the significant whale transaction, the price took a downturn. Specifically, XRP dipped below the $0.5 mark. In this analysis, I will delve deeper into the current price fluctuations and market indicators of the token.

XRP Price Tumbles

At present, XRP‘s value has decreased by 2.94% over the last 24 hours and is priced at $0.4929. The market capitalization of this token has dropped by 2.88%, amounting to $27.29 billion. Simultaneously, the trading volume in the past 24 hours has risen by 42.09% to reach $586.47 million.

As a crypto investor, I’ve noticed some intriguing developments in the XRP market according to Coinglass data. The open interest for XRP took a 0.47% hit, dropping it down to $553.19 million. On the other hand, derivatives volume experienced a substantial surge of 88.82%, reaching an impressive $553.19 million. This dual movement has cast some uncertainty over XRP’s market scenario, while the recent dip in its price has drawn considerable attention from traders and investors alike.

Bill Morgan drew attention to the recent drop in XRP‘s price to $0.4 in a post he shared today. At the same time, the RSI was at 37, indicating some bearish trends for the token in the market. Furthermore, technical indicators signaled strong selling tendencies among investors.

One week to forget

— bill morgan (@Belisarius2020) May 13, 2024

The anticipation surrounding XRP reaching the significant price point of $1 has been obscured by this situation. Additionally, the ongoing dispute between Ripple and the SEC has added instability and slowed down the token’s progress.

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2024-05-13 07:42