Captain

XRP, the native cryptocurrency of <a href="https://coingape.com/ripple-cto-exposes-new-opensea-scam-targeting-nft-bidders/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a>, has again fallen below the $0.53 mark after extreme volatility hit the crypto market lately. Amid the bearish turn, a massive whale dump has been recorded for XRP. In addition, crypto analysts expect a further slump in XRP price that could potentially push it lower than $0.50.
<h2 id="will-xrp-fall-below-0-50">Will XRP Fall Below $0.50?</h2>
According to data from Whale Alert, a blockchain tracking platform, a significant sell-off has been reported for Ripple’s XRP. In one of the latest transactions, over 27 million XRP tokens were dumped by a whale amid the recent price drop.
The trader transferred $27.7 million XRP tokens to Bitstamp, a Luxembourg-based crypto trading platform. The transaction was worth $14.48 million. Moreover, it’s important to note that most of XRP whale offloading took place via <a href="https://coingape.com/xrp-whale-makes-waves-with-15-mln-bitstamp-dump-price-sinks-below-0-58/" target="_blank" rel="noopener noreferrer nofollow">Bitstamp</a> in recent times.
On the other hand, XRP Captain, a supporter of XRP, provided an analysis of the future performance of the Ripple-backed XRP. Recently, XRP Captain took to X and revealed that the XRP price is slated to plunge below $0.50 soon. This suggests a decline of over 5% from the current price trend.
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GE7eZaBa4AAx83F?format=jpg&amp;name=large" alt="XRP news | XRP Price" width="800" height="858">
 <figcaption class="wp-caption-text">Source: XRP Captain | X
 </figcaption>
</figure>
However, they noted that XRP is poised to register a Falling Wedge breakout after the massive drop. This implies that a bullish rally is imminent despite the recent price crash. The chart attached alongside the analysis indicates an XRP price surge beyond $0.64, suggesting a 21% increase from the recent price range of around $0.52.
Also Read: <a href="https://coingape.com/spot-xrp-etf-ripple-actively-hiring-executives-to-prepare-for-filing/" target="_blank" rel="noopener noreferrer nofollow">Spot XRP ETF: Ripple Actively Hiring Executives To Prepare For Filing?</a>
<h2 id="xrp-price-plunges-below-0-53">XRP Price Plunges Below $0.53</h2>
Ripple’s XRP witnessed a drop of $1.09% in value to $0.5262 at press time on Monday, January 29, 2024. Whilst, the crypto held a market cap of $28.58 billion, down 1.17%. On the contrary, the trading volume for XRP soared by 31.67% to $588.47 million.
Earlier today, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> surged to a high of $0.533 before slumping lower than $0.53. In addition, the Ripple-backed crypto attained a low of $0.5217 during the bearish turn. Furthermore, XRP is trading 86.30% below the all-time high of $3.84 recorded in January 2018.
Moreover, the <a rel="noopener noreferrer nofollow" href="https://in.tradingview.com/symbols/XRPUSD/technicals/" target="_blank">TradingView</a> moving averages indicator suggests a ‘Strong Sell’ signal for XRP. Currently, the XRP price is trading substantially lower than its 50-day and 200-day EMA of 0.57326 and 0.56730, respectively. This suggests a rigid bearish trend for XRP both in the short and long term.
Also Read: <a href="https://coingape.com/gemini-lists-new-xrp-pair-heres-how-price-reacts/" target="_blank" rel="noopener noreferrer nofollow">Gemini Lists New XRP Pair, Here’s How Price Reacts</a>
The post <a href="https://coingape.com/xrp-news-whale-offloads-27-mln-tokens-will-xrp-price-drop-below-0-50/" rel="noopener noreferrer nofollow">XRP Whale Dumps 27 Mln Tokens to Bitstamp, Will XRP Price Drop Below $0.50?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Whale Dumps 27 Mln Tokens to Bitstamp, Will XRP Price Drop Below $0.50?

Table of Contents

Coingape News Media

Other articles published on Jan 29, 2024

XRP’s mixed signals: Wallets hit 5M despite bearish signs

Shiba Inu Unveils Shibdentity: New Digital IDs to Launch on Shibarium

Top crypto analyst predicts DeeStream (DST) to pass Avalanche (AVAX) and Dogecoin (DOGE) in 2024

Terra Luna Classic community burns over 90 billion LUNC tokens

Ethereum Classic and Kaspa Community Move to Meme Moguls (MGLS) to recover Losses

Top Altcoins Poised For Massive Breakout in February

Join our free newsletter for daily crypto updates!