As a researcher with a background in crypto markets and experience tracking whale transactions, I find the recent XRP whale dump of 65 million coins alarming. This massive sell-off comes at a time when the broader market is experiencing bearish movement, with Bitcoin dipping below $57K. The whale’s actions have fueled speculations about future price movements for XRP and added to the market’s uncertainty.
Amidst the crypto market’s bearish trend today, I, as an XRP investor, have noticed a whale selling vast quantities of XRP coins. Over the past day, approximately 65 million XRP were transferred to exchanges, causing unease among crypto market participants.
The current bear market trend is putting pressure on XRP, just like how Bitcoin (BTC) dipped down to $57K. Additionally, the recent sale of large amounts of XRP by whales has fueled much debate among investors about potential future price changes.
Whale Dumps 65M Coins
I’ve analyzed some recent posts from the on-chain transaction tracker Whale Alert, and according to their observations, approximately 64.70 million coins were moved from a specific whale address to centralized exchanges (CEXs). Based on available data, it appears that the address identified as “Rzn” was responsible for this significant transfer.
As a curious crypto investor, I’ve noticed some intriguing transactions involving a significant XRP holder, or “whale.” This whale transferred a substantial amount of 32.69 million XRP, equivalent to around $15.12 million, to the Bitso exchange. In another transaction, they moved an almost identical quantity of 32.01 million XRP, worth approximately $14.82 million, to the Bitstamp exchange.
The appearance of these transactions during XRP‘s potential downturn has fueled pessimistic feelings among traders. Additionally, rumors continue to swirl that this large investor may be connected to Ripple. As background, these transactions have become frequent occurrences since Ripple made a strategic investment in Bitstamp.
During this period, the price of XRP declined further, coinciding with the large-scale sell-off by a whale and the prevailing downward trend in the cryptocurrency market. Although Ripple made strides in the ongoing legal battle against the U.S. SEC, as they submitted a notice of supplemental authority, there has been no substantial change in investor sentiment towards XRP.
XRP Price Tanks
At the current moment, the price of XRP was indicating a decrease, dropping by 6.84% to reach $0.4502. The minimum and maximum values in the past 24 hours for this Ripple-supported asset were $0.4486 and $0.4833 respectively.
The open interest for XRP futures decreased by 10.08%, amounting to $547.41 million, during the same period when its price declined. Yet, the trading volume in these derivatives soared by 86.88% to reach a significant level of $1.58 billion. This surge suggests that investors’ sentiment towards XRP remains ambiguous.
While crypto expert Dark Defender drew attention on platform X to the instability of cryptocurrency X, which was trading below the $0.4623 mark. According to Dark Defender’s analysis, the volume is presently low, suggesting minimal market engagement with no significant selling or purchasing occurring. This could lead to a possible decline in XRP‘s value to $0.3917 if it fails to maintain its price above $0.4623.
Crypto market enthusiasts continue to eye the token for vital shifts ahead.
Read More
- USD ZAR PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- ABDS PREDICTION. ABDS cryptocurrency
- EUR MYR PREDICTION
- JoJo’s Bizarre Adventure: Golden Wind’s Biblical References
- USD COP PREDICTION
2024-07-04 14:20