Whale Dumps 25 Mln Coins Amid Dip To $0.5, What’s Next?

In what comes as an unexpected curveball witnessed within the cryptocurrency universe, XRP, a cryptocurrency backed by Ripple Labs, curated a tsunami of speculations today, March 20, as a renowned whale continued dumping significant amounts of tokens amid XRP’s price dip to $0.5. Following a noteworthy upward momentum showcased by the Ripple-backed token over the past few days, as it topped $0.7, this whale’s dump underscored XRP’s recently witnessed bearishness within the broader crypto market, birthing a torrent of speculative buzz on the token’s price action ahead.

Meanwhile, this drop further mirrored the market corrections witnessed in recent days, with BTC slipping to the $61K mark as of press time. A broader downtrend followed by altcoins, curated with BTC’s plunge’s ripple effect, appears to be further pulling XRP’s price to a slump, among a stockpile of crypto prices dip jotted today.

XRP Whale Transaction: 25 Mln Coins On The Move

According to the insights unveiled by the blockchain tracker Whale Alert, a renowned XRP whale shifted 24.7 million XRP, worth $15.04 million, to a Luxembourg City-based CEX named Bitstamp, fueling the token’s supply on exchanges. This added a tint of bearishness to the altcoin, as XRP had already slumped remarkably prior to the selloff. Coupled with its massive drop below $0.6, this dump birthed a pool of bearishness for the Ripple-backed token.

In the interim, market data for XRP added on to the abovementioned bearishness, showcasing signs of bears taking control today. Technical indicators and derivatives data nabbed significant attention among crypto market enthusiasts, giving rise to a storm of speculations on the token’s enigmatic market movement.

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XRP Dips

While writing, XRP’s price noted a 3.29% drop over the past 24 hours and is currently trading at $0.5813. With a market cap plunge of 3.67%, accompanied by a 24-hour trading volume fall of 9%, the token continued curating bearish waves across the vast sea of crypto.

Derivatives data by Coinglass illustrated a substantial drop in open interest and volume, hinting at decreased market activity and reduced positive investor sentiment. The technical indicators for XRP further hinted at a selling sentiment prevailing within the market, with the RSI hovering around 44. This signaled a position neither in the overbought nor oversold region, although the token may be trending toward being oversold.

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