As a researcher with extensive experience in the crypto market, I’ve observed the recent selling activity by a prominent XRP whale, which has fueled concerns about XRP’s future price action. The massive 71 million coin dump to exchanges over the past day, as revealed by Whale Alert, adds further selling pressure on the asset in an already bearish market.
Amidst the bearish trend in the cryptocurrency market today, a well-known XRP investor, labeled as a “whale,” has been actively selling large quantities of XRP. According to data from Whale Alert, over 71 million XRP coins have been transferred to exchanges within the past day, sparking debates among industry experts about the potential future price movement of XRP in the crypto market.
The price of XRP is presently feeling the brunt of the wider cryptocurrency market downturn, dipping down to a low of $0.39. Let’s examine some key market data regarding the Ripple-supported asset.
On-Chain Data Flags Whale Dumps
I recently came across some intriguing data from Whale Alert. Approximately 70.9 million XRP, equivalent to around $31.29 million, was transferred to two exchanges in a few transactions. Interestingly enough, it was the well-known address, …Rzn, that initiated these transfers.
I analyzed the transaction data and found that Rzn moved a total of 70.9 million coins, equivalent to approximately $31.3 million, between two cryptocurrency exchanges. Specifically, it transferred 35.8 million coins, valued at around $15.8 million, to Bitso located in Mexico City, and simultaneously transferred 35.1 million coins, worth about $15.49 million, to Bitstamp based in Luxembourg city.
XRP has faced intensified selling pressure from these dumps in the midst of a bearish market, leading to additional downward pressure on the asset. Notably, CoinGape Media previously reported that this same large investor has consistently sold XRP onto Bitstamp and Bitso digital exchanges. In line with this development, a pessimistic market mood generated by the whale’s sales has enveloped XRP.
Simultaneously, Ripple has been implementing improvements to its network and bolstering its arguments against the U.S. SEC in their ongoing legal battle. However, the price action of XRP, the native token, remains lackluster.
XRP Price Correction?
As of the moment this information was compiled, the XRP price chart displayed a decrease of 10.15%, causing it to be priced at $0.4056. Its minimum and maximum values within the last 24 hours were recorded as $0.3977 and $0.4532 respectively.
As a researcher delving into the intricacies of cryptocurrency markets, I find it fascinating that the crypto market analyst Dark Defender highlighted in a recent post the significance of the $0.39 price point. This level has historically served as a POC or Point of Control since 2014, meaning most trades have occurred here. Given the current market trajectory, this becomes an essential support level to keep an eye on.
Previously strengthening for a week, cryptocurrency experienced a significant drop and reached a resistance point at $0.42. The Relative Strength Index (RSI) was hovering around 22, indicating that the asset had become oversold in this market condition. Consequently, there’s a possibility for a price recovery as the market recovers.
On XRP attorney Bill Morgan’s Twitter feed yesterday, he highlighted his recent XRP acquisition and expressed a buy-the-dip perspective. This action has fueled renewed positivity regarding an upcoming price increase.
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2024-07-05 13:26