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 <p>Ripple XRP has sunk below the critical $0.50 level for the first time since mid-October, sparking questions about whether large network participants view the dip as a buying opportunity. Blockchain analytics firm Santiment spots noteworthy signals that XRP may be gearing up to rebound, assuming the broader crypto market stabilizes.</p>
 <p>On Wednesday, XRP slid roughly 3.6% to trade hands around $0.49 alongside broader altcoin weakness. The drop means the sixth-largest cryptocurrency by market value now sits at its cheapest level in over four months after hitting 2022 highs above $0.56 in the wake of Ripple’s legal victory over the SEC this summer.</p>
 <p><strong>Also read: Why Chainlink (LINK) Is Gearing Up For $25-30 Breakout In Coming Months?</strong></p>
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    <p lang="en" dir="ltr">🐳 After an #altcoin slide Wednesday, #XRPLedger is at risk of falling below a $0.50 market value for the first time since October 19th. Interestingly, however, yesterday had the most $XRP $1M+ whale trans<a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a>s on the network (217) since prices skyrocketed after a <br><br>(Cont) 👇 pic.twitter.com/1xa0PHCzcb</p>— Santiment (@santimentfeed) January 31, 2024
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 <h2 class="wp-block-heading" id="h-whale-transactions-surge-despite-price-drop"><strong>Whale transactions surge despite price drop</strong></h2>
 <p>Yet despite the deteriorating price <a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a>, Santiment highlights that Ripple XRP just witnessed its highest number of whale trans<a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a>s above $1 million since the post-lawsuit price explosion in July. Specifically, the researchers identified 217 such large trades on February 1st, indicating significant network activity from deep-pocketed holders even as prices dropped.</p>
 <p>Moreover, further data reveals these major players appear unphased by the sell-off. As of Wednesday, wallets holding at least 10 million XRP—dubbed “XRP Whales” by Santiment—account for 67.2% of the available token supply.</p>
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 <p><strong>Also read: Shiba Inu Weekend Price Prediction: Can SHIB Delete a Zero?</strong></p>
 <p>That represents the highest ownership share from these influential market participants since New Year’s Eve 2022 when XRP last traded around current prices.</p>
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 <h2 class="wp-block-heading" id="h-xrp-shows-mixed-signals"><strong>XRP shows mixed signals</strong></h2>
 <p>As Santiment noted on X, violation of the psychologically important $0.50 level risks accelerating selling momentum, especially if Bitcoin fails to steady broader crypto markets.</p>
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 <p>News also broke Wednesday that Ripple co-founder Chris Larsen’s wallet was hacked for roughly $112 million worth of XRP tokens. Although Larsen stated that Ripple itself remains secure, his high-profile breach may rattle investor confidence. Following the reports of the hack, XRP briefly dropped over 5% to plumb new multi-month lows.</p>
 <p><strong>Also read: XRP: 3 Key Warning Signs For Investors</strong></p>
 <p>Yet if whales continue accumulating, XRP may be laying the groundwork for its next bullish impulse. Whether sellers have exhausted themselves or merely paused their assault remains to be seen.&nbsp;&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-xrp-dips-below-0-50-as-whale-transactions-rise-tbt78953.html">https://thebittimes.com/ripple-xrp-dips-below-0-50-as-whale-transactions-rise-tbt78953.html</a></p>

Ripple XRP Dips Below $0.50 as Whale Transactions Rise

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