As an experienced crypto investor, I’ve seen my fair share of market volatility and whale transactions that have significantly impacted the prices of various cryptocurrencies, including XRP. The recent offloading of nearly 30 million coins by a known XRP whale to Bitstamp is a cause for concern.
As a researcher studying the cryptocurrency market, I’m observing the recent developments surrounding XRP, the digital asset supported by Ripple Labs. The token is currently experiencing significant market fluctuations, with efforts underway to keep its value above the $0.5 mark. In this volatile climate, an intriguing event has emerged: a large investor, referred to as a “whale,” sold approximately 30 million XRP coins to a centralized cryptocurrency exchange. This transaction has ignited fears among investors, who are now closely watching the potential impact on XRP’s future price trend.
Whale Dumps 30M Coins To Bitstamp: What’s The Scoop?
Based on Whale Alert’s information, on June 10, approximately $15.07 million worth of XRP, which equates to around 30.32 million units, was transferred from an unknown source to Bitstamp, a crypto exchange located in Luxembourg City. This transaction was carried out by the well-known XRP investor, Rzn.
As a researcher studying the cryptocurrency market, I’ve observed that adding coins to Bitstamp results in an increase in the token’s circulating supply. This expansion in supply acts as a bearish indicator for XRP‘s price movement. Meanwhile, despite a recent price surge within the last 24 hours, XRP has faced difficulties surpassing the significant support level of $0.5.
As an analyst, I’ve noticed some intriguing patterns in the cryptocurrency market regarding a particular whale, named Rzn. This whale has been consistently making large sell-offs on Bitstamp, a well-known cryptocurrency exchange. Previously reported by CoinGape Media, this recurring behavior has ignited speculations among industry observers. These suspicions have intensified following Ripple’s acquisition of a significant stake in Bitstamp, leading many to ponder if there is a connection between the two entities.
At the same time, it’s important to mention that Robinhood, another well-known cryptocurrency trading service, has recently taken over Bitstamp.
XRP Price Jumps
During the course of writing, XRP experienced a rise of 0.68% in value over the past day, reaching a price of $0.497. The token’s lowest and highest points within the last 24 hours were $0.4937 and $0.5008 respectively, highlighting the challenge in surpassing the $0.5 mark.
As an analyst examining the data from Coinglass, I observed a potential bearish trend for the asset based on decreasing futures open interest, which dipped by 0.30%. Additionally, derivatives volume saw a significant drop of 36.31%, indicating diminished investor enthusiasm. These findings suggest that market activity surrounding XRP has substantially declined.
Additionally, the Relative Strength Index (RSI) hovered around 38, implying a bearish trend for the asset. These circumstances strengthen the coin’s difficulty in surpassing the $0.5 mark, as both buyers and sellers vie for dominance.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- I Physically Need WWE 2K25’s Showcase to Feature The Bloodline
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
- ALPINE PREDICTION. ALPINE cryptocurrency
- Survival Horror Games With an Unkillable Enemy
2024-06-10 10:04