An XRP whale has unsettled the cryptocurrency community by dumping 56m XRP, raising concerns about Ripple’s future.
Ripple Labs’ supported cryptocurrency, XRP has shown quite a turbulent price movement, defying typical market sentiments. This is despite the recent FIT21-birthed excitement and relief that have been circulating across the Ripple community.
In the midst of this increased volatility, a well-known XRP whale has continued to dump substantial sums of XRP coins into controlled exchanges, which has piqued the curiosity of the cryptocurrency community all over the world.
Over the past 24 hours, an on-chain analytics platform has reported offloading approximately 56 million XRP to cryptocurrency exchanges (CEXs). Following the publication of this chronicle, investors have expressed concerns regarding the future performance of XRP.
XRP Whale Dump Ignites Investor Anxiety
XRP Whale Alert’s insights reveal that the same whale address offloaded 56 million XRP in two separate transactions. We obtained this information from the transaction records. The address Rzn, which is well-known for being an XRP whale, was responsible for transferring XRP to Bitstamp and Bitso.
Bitso received 30.08 million XRP, equivalent to $15.63 million US dollars, in the initial transaction. On the other hand, the second transaction demonstrated that Bitstamp received 25.8 million XRP, which is equivalent to $13.40 million.
Despite the fact that they are relatively small, these transfers bring to light the existence of selling pressure, which is a factor that has the ability to prevent the XRP price from seeing a large gain. In addition, the data from Coinglass highlighted XRP liquidations that totaled $4.72 million over the course of the previous twenty-four hours, which further contributed to the volatile performance.
XRP Price Fluxes
In the previous twenty-four hours, the price of XRP has decreased by 0.32%, and it is currently trading at $0.5249 as of this writing. Ripple backed the coin with a market capitalization of $29.09 billion. Moreover, the 24-hour trading volume reached $2.26 billion, representing a surge of 102.28% from the previous day.
In the meantime, Coinglass data indicated that the volume of derivatives involving the token had increased by an astounding 232.91%, followed by a 5.16% slip in the OI for futures and options. The accumulation of these data paints a picture of conflicting market views among investors, which may be the result of speculative trading.
The relative strength index (RSI) was hovering around 50, which indicated that the asset is neither overbought nor oversold. This added another degree of mystery to the situation. These statistics further highlight a more uncertain picture of the future price swings of XRP. On the other hand, it is important to point out that Coinbase has just lately begun trading XRP in New York, which adds a tinge of optimism to the token’s cryptographic endeavor.