XRP Whale keeps moving significant amounts of coins to exchanges, raising investors’ concerns. In recent days, XRP has traded sideways near the $0.52 price level.
Ripple Labs supported cryptocurrency XRP, which continues to garner significant interest within the cryptocurrency community.
The token’s price trajectory has sparked a tumult of speculation among crypto market participants and investors due to its sluggish movement.
Notably, amid the Ripple-backed token’s volatile price movement, a well-known XRP whale has sold nearly 50 million coins on an exchange, exacerbating the impact on tokenomics.
Participants in the cryptocurrency market continue to speculate regarding the likelihood that the Ripple-backed coin will reach the highly anticipated $1 price benchmark soon as this whale continues to dump substantial quantities of tokens onto exchanges.
XRP Whale Dump: A Bearish Concern
Whale Alert, a platform that monitors on-chain transactions, has identified the offloading of approximately 50 million tokens within the past 24 hours.
According to the data, a renowned XRP whale using the address Rzn was reportedly dumping the amount mentioned above on CEXs Bitstamp and Bitso.
The initial transaction involved the transfer of 29.28 million XRP to Bitstamp, worth $15.40 million.
Concurrently, a $10.45 million value of 19.88 million XRP was transferred to Bitso, as depicted in the second transfer.
As a result of these transactions, exchanges for the Ripple-backed asset are experiencing increased supply pressure, which impedes XRP’s price from escalating.
In addition, on-chain and technical statistics for the crypto obscure the trajectory of future price fluctuations.
Meanwhile, it is noteworthy that esteemed crypto market analysts Egrag Crypto and Dark Defender have maintained their optimistic stance regarding XRP’s potential to surpass $1 shortly.
On the contrary, recent market data suggests otherwise.
XRP Price Fluctuates Near $0.52, What’s Happening?
Based on data from CoinMarketCap, XRP’s weekly chart indicates that the token consolidates within the price range of $0.51 to $0.54.
The Ripple-backed token was trading at $0.5299 at the time of writing, an increase of 0.94% from yesterday.
Additionally, the 24-hour lows and highs documented were $0.5226 and $0.5326, respectively.
Coinglass data further rationalizes XRP’s turbulent movement.
The derivatives volume decreased by 26.57% to $718.00 million, while the OI increased by 4.07% to $639.03 million.
This information highlighted diminished market activity for the asset; however, fresh capital entered the futures market, indicating investor interest despite the asset’s lethargic price movement.
In addition, the RSI remained near 51, indicating that the asset is neither overbought nor oversold.
Collectively, the data shows that the token is ripe for a takeover by bulls or bears.
In the interim, the FIT21 crypto measure and the regulatory uncertainty generated by the Ripple vs. SEC lawsuit further complicate the scenario regarding the future price fluctuations of XRP.
