Despite the recent FIT21-birthed optimism and relief orbiting the Ripple community, XRP, the Ripple Labs-backed cryptocurrency, has showcased quite a turbulent price action, defying usual market sentiments. Amid this heightened volatility, a renowned XRP whale has continued to dump significant amounts of XRP coins into centralized exchanges, garnering interest across the global crypto community.
Nearly 56 million XRP was offloaded to CEXs in the past 24 hours, per data by an on-chain analytics platform. This chronicle has sparked concerns among investors surrounding XRP’s performance ahead.
Whale Dump Ignites Investor Anxiety
According to the insights offered by Whale Alert, 56 million XRP was recorded to be offloaded via a couple of transactions by the same whale address. Notably, the address ..Rzn, a renowned XRP whale, transferred XRP to Bitstamp and Bitso.
The first transaction showcased that 30.08 million XRP, worth $15.63 million, was shifted to Bitso. Whereas, the second transaction illustrated that 25.8 million XRP, worth $13.40 million, was transferred to Bitstamp.
Although relatively small, these transfers highlight the presence of selling pressure, a factor that could potentially hinder XRP’s price from experiencing a significant increase. Moreover, Coinglass data spotlighted XRP liquidations worth $4.72 million in the past 24 hours, further adding to the turbulent performance.
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XRP Price Fluxes
As of writing, XRP’s price slipped 0.32% in the past 24 hours and is currently trading at $0.5249. The Ripple-backed token’s market cap rested at $29.09 billion. Further, the 24-hour trading volume saw a 102.28% spike, reaching $2.26 billion.
Meanwhile, Coinglass data pointed to a staggering 232.91% increase in the token’s derivatives volume, followed by futures and options OI slip of 5.16%. This data, collectively, paints the presence of mixed market sentiments among investors, potentially driven by speculative trading.
Adding on to the layer of intrigue, the RSI hovered at around 50, signaling that the asset is neither overbought nor oversold. This data further flags an uncertain picture of XRP’s future price movements.
However, its worth mentioning that Coinbase recently initiated XRP trading in New York, adding a slight tine of optimism on the token’s cryptographic venture.
Also Read: ETH Price Struggles to Rally Even After Ethereum ETF Approval, Sell The News Soon?
The post XRP Whale Dumps 56M Coins Amid Price Fluctuations, What’s Next? appeared first on CoinGape.
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