Peter Smith
An XRP whale offloads over 30 million coins on Bitstamp as XRP struggles to maintain its price above $0.5.
XRP Whale Offloads 30 Million Coins Amid Price Dip
Ripple’s native cryptocurrency, XRP, is once again making headlines as it grapples with intense market volatility. Recently, a well-known XRP whale transferred over 30 million coins to a centralized crypto exchange, sparking concerns among investors about the asset's future price trajectory.
According to Whale Alert, 30.32 million XRP, worth $15.07 million, was offloaded to Bitstamp, a Luxembourg-based crypto exchange, on June 10. The renowned XRP whale, identified as Rzn, executed this significant transaction. This move increases the market supply of XRP, posing a bearish factor for the asset.
Impact of Whale Activity on XRP Price
The transfer of such a large quantity of coins to Bitstamp has raised alarms in the crypto community. Despite a minor price jump in the past 24 hours, XRP has struggled to break above the crucial $0.5 support level. This ongoing challenge is exacerbated by the whale’s repeated selloffs to Bitstamp, which have been reported previously by CoinGape Media.
Speculations about a potential connection between the wallet and Ripple have intensified, particularly after Ripple’s stake acquisition in Bitstamp. Furthermore, Robinhood's recent acquisition of Bitstamp aims to leverage the platform’s tech infrastructure to list XRP and XRP Ledger tokens, adding another layer to the unfolding scenario.
Current XRP Market Trends
As of writing, XRP has recorded a 0.68% gain over the past day, trading at $0.497. The token’s 24-hour lows and highs are $0.4937 and $0.5008, respectively, highlighting the ongoing struggle to sustain a break above the $0.5 price level.
Coinglass data suggests bearish market trends for XRP, with futures open interest dipping 0.30% and derivatives volume plummeting 36.31%. These figures indicate a decline in investor interest and market activity surrounding XRP.
Bearish Indicators and Market Outlook
The Relative Strength Index (RSI) for XRP is around 38, suggesting a bearish outlook for the asset. The combination of reduced investor interest, declining market activity, and the whale’s substantial offloading of coins underscores the challenges XRP faces in regaining upward momentum. Both bulls and bears continue to battle for control as XRP struggles to maintain its price above the critical $0.5 level.
In conclusion, the recent whale activity and subsequent market reactions have placed XRP in a precarious position. As the market digests these developments, the future trajectory of XRP remains uncertain. Investors and traders will be closely monitoring the asset's performance in the coming days to gauge whether it can overcome the bearish pressures and stabilize above the $0.5 mark.
Peter Smith
