Whale Moves 56M Coins Amid Price Fluctuations, What’s Next?

Against the backdrop of a consolidation witnessed by XRP, a cryptocurrency backed by Ripple Labs, whale activity surrounding the token has once again nabbed significant attention among crypto market participants. Per on-chain data surfacing across the global crypto horizon, it was brought to attention that a renowned XRP whale has offloaded nearly 56 million coins to CEXs in the past 24 hours, causing a stir in the crypto community.

The whale transactions, which involved significant XRP dumps to exchanges, have sparked a wave of bearish sentiment towards the token’s cryptographic venture. Here’s a detailed report on the factors contributing to the current bearishness surrounding the Ripple-backed token.

XRP Whale Dumps Raise Concerns

According to the on-chain insights offered by Whale Alert, 56.01 million XRP was moved over the past day through a couple of transactions. Intriguingly, both the transactions were done by the same prominent XRP whale, …Rzn.

The first transaction illustrated that 29.98 million XRP was moved to Bitso, a Mexico City-based CEX, Meanwhile, the second transaction highlighted that 26.03 million XRP was shifted to Bitstamp, a Luxembourg City-based CEX.

These transactions underscored an increased selling pressure on the Ripple-backed token in the market, falling in line with its tumbled price action today. Whereas, on-chain data further added a bearish tint to the 7th largest cryptocurrency by market cap.

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XRP’s Price Tumbles

As of writing, XRP’s price has fallen 0.54% in the past 24 hours and is currently resting at $0.5161. The token’s 24-hour trading volume dipped 9.34% to $1.09 billion, accompanied by a market cap slip of 0.69% to $28.52 billion. This further underlined the Ripple-backed token’s current bearish movement in the market.

Coinglass data adds to this bearish stance, indicating a market downtrend for XRP. The token’s open interest dipped 1.93% to $570.17 million, whereas the derivatives volume slipped 5.66% to $795.95 million. This further spotlights a sense of reduced investor interest in XRP. However, the RSI stood near 47, signaling that the asset is neither overbought nor oversold.

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