Stablecoin

Bitcoin

The Ripple-backed token, XRP, again birthed a tidal wave of speculations across the broader crypto market today as it noted two massive whale dumps to centralized exchanges. These whale transfers promptly nabbed crypto market enthusiasts’ attention as XRP’s price dipped below the $0.54 mark, a target much stressed by analysts.
Meanwhile, amid the immense curiosity sparked by Brad Garlinghouse’s positive stance on a potential <a href="https://coingape.com/is-xrp-etf-next-ripple-ceo-share-key-details/" target="_blank" rel="noopener noreferrer nofollow">XRP ETF</a>, the token’s bearish movement birthed additional inferences among crypto market traders and investors for XRP’s price action ahead. The derivatives data offered by Coinglass further stirred speculations over short-term price volatility for XRP, with a dip in volume but a jump in open interest.
<h2 id="xrp-whale-s-offloading-a-closer-look">XRP Whale’s Offloading: A Closer Look</h2>
According to the data revealed by the blockchain tracker Whale Alert, the two whale transactions, as mentioned above, collectively shifted nearly 59 million XRP to two centralized exchanges. The first transaction showcased the transfer of 26.5 million XRP to <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/958833CF6DA2E93B5D8E5D36930868929174C639F70AADE230220EDC696A9F52" target="_blank">Bitstamp</a>, a Luxembourg City-based CEX. Whereas, the second transaction showcased the moving of 28.35 million XRP to <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/3A53C4082F5EBE01C52F68B7A70702BCCFD4018BF59701523024928FC8756772" target="_blank">Bitso</a>, a Mexico city-based <a href="https://coingape.com/glossary/centralized-cryptocurrency-exchanges-cex/" target="_blank" rel="noopener noreferrer nofollow">CEX</a>.
Intriguingly, these transfers were made by an unknown wallet,…Rzn, which has also been previously recorded making similar transactions. Notably, following Ripple’s strategic stake acquisition in the aforementioned CEXs, these transactions hovered over the crypto horizon, positioning as a recurring phenomenon. As <a href="https://coingape.com/xrp-whale-dumps-26-mln-tokens-despite-xrp-etf-buzz-whats-next/" target="_blank" rel="noopener noreferrer nofollow">reported</a> by CoinGape Media earlier, the same wallet dumped millions of XRP to Bitstamp and Bitso over the past few days, piquing the interests of crypto market enthusiasts.
In the interim, XRP appears to be mirroring usual market sentiments of a drop in price with massive dumps to exchanges. As the whale’s dump significantly increases the token’s supply, traders and investors usually expect a bearish turn.
Also Read: <a href="https://coingape.com/south-africa-preps-to-join-the-stablecoin-race-with-the-presidential-elections-this-year/" target="_blank" rel="noopener noreferrer nofollow">South Africa Preps To Join The Stablecoin Race With The Presidential Elections This Year</a>
<h2 id="xrp-price-tumbles">XRP Price Tumbles</h2>
As of writing, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> showcased a drop of 1.11% over the past 24 hours and is currently trading at $0.5377. The token’s trading below the $0.54 mark has echoed a sense of frenzy within the broader crypto market as analysts spotlighted this as a crucial support level for XRP.
Meanwhile, the derivatives data showcased a 1.34% jump in open interest, reaching $678.82M, but a 28.84% drop in volume, reaching $1.01B. This hints at comparatively few contracts actively being traded while many are open in the derivatives market. The Ripple-backed token’s bearish turn further supports this sentiment, with investors potentially excising caution. However, with the short-term liquidity scenario coming into play, a price action shift may be imminent.
Also Read: <a href="https://coingape.com/bitcoin-halving-btc-price-demand-supply/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Halving to Push BTC Price At $273K, Demand-Supply Ratio At 13x</a>
The post <a href="https://coingape.com/xrp-whale-dumps-59-mln-tokens-amid-drop-below-0-54-whats-next/" rel="noopener noreferrer nofollow">XRP Whale Dumps 59 Mln Tokens Amid Drop Below $0.54, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Whale Dumps 59 Mln Tokens Amid Drop Below $0.54, What’s Next?

Table of Contents

Coingape News Media

Other articles published on Feb 23, 2024

Shiba Inu Coin Price Forecast: Is SHIB Rallying To $0.001 Amidst SHEboshis Instant Sell-Out?

Willy Woo: Bitcoin (BTC) Outperforms All World Assets 3 out of 4 Years: Here’s How

The DeFi bots pumping Solana’s stablecoin volume

European Central Bank’s FUD Sparks Greater Bitcoin Bullish Sentiment

Texas Blockchain Council and Riot Platforms sue US federal agencies over crypto energy scrutiny

Rising Star: Kelexo (KLXO) Challenges Dogecoin (DOGE) and Avalanche (AVAX) with Its Ambitious Vision

Join our free newsletter for daily crypto updates!