Amid the latest crypto market corrections and enormous selloffs, a well-known XRP whale sold off nearly 100 million coins.
The remarkable selloffs executed by an XRP whale during the recent corrections in the cryptocurrency market have generated significant attention.Â
Following a remarkable pump in recent days, XRP has now regained its bearish momentum, which represents a noteworthy development in the cryptocurrency landscape on March 19.
Amidst the recent crypto market corrections, almost all altcoins experienced a bearish trend, as Bitcoin (BTC) fell below the $70,000 threshold.Â
These selloffs sparked a cyclone of speculations regarding the future price action of XRP, with some speculating on the likelihood of a decline below the $0.6 support level.
Examining the XRP Whale’s Selloffs Amid Market Corrections
As reported by CoinGape Media, 99.85 million XRP have been unloaded to CEXs since March 15, when leading cryptocurrency prices plummeted significantly due to a massive selloff in the cryptocurrency market, according to information disclosed by the blockchain tacker whale Alert.
On March 15, one of the most renowned XRP whales,…Rzn, offloaded an astonishing 50.40 million XRP, transferring 22.8 million and 27.60 million coins to Bitstamp and Bitso, respectively.
From that point forward, the same whale has continued to sell substantial quantities of XRP.
Bitstamp received 24.85 million XRP, valued at $15.44 million, on March 17, while the same address sold an additional 24.60 million XRP, valued at $14.84 million, to the CEX today.
As supply gains on CEXs for XRP continued to soar, a tidal wave of conjecture erupted among crypto market traders and investors worldwide.Â
The Ripple-backed token, in particular, exhibited bearish indications with a 13.16% weekly decline.
Meanwhile, as of press time, its price had momentarily fallen below $0.6 today, causing investors to be vigilant as market dynamics add on to the bearish market sentiments regarding XRP.
XRP Price Slips
At the time of writing, the price of XRP has decreased by 12.85% in the past 24 hours and is currently trading at $0.6024.
Continuing to project a bearish outlook with its RSI hovering around 47, the token signifies that a selling sentiment is prevalent in the market today.
This was consistent with the previously mentioned selloffs and contributed to the token’s continued bearishness; its price fell below $0.6 today.
On the other hand, Coinglass highlighted data indicating that XRP’s open interest increased by 4.06% and that volume in the derivatives market increased by a remarkable 138.59%.
This stands in opposition to the bearish market sentiments surrounding Ripple-backed tokens, as it indicates significant capital inflows coupled with increased market activity.
While investors continue to monitor the token in anticipation of a possible reversal trend, a buying-the-dip sentiment may be contributing to this increase in open interest.
