GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

XRP Whale Dumps 50M Tokens: Market Speculates on Future Price

whale xrp

  • XRP whales dump 50 million tokens, sparking market speculation.
  • Analysts maintain a bullish outlook despite bearish trends.

The cryptocurrency market is still paying attention to the Ripple Labs crypto, XRP. The cryptocurrency is now valued at $0.5277 on CoinMarketCap, slightly up 0.19% over the last day. Having fallen 1.28% in the previous week, it is still in a bearish position nonetheless. Traders and investors in the cryptocurrency industry are speculating a lot about its future price trajectory because of this slow pace.

Effect of Whale Activity on XRP 

Further affecting tokenomics is the recent dump of about 50 million coins by a well-known XRP whale to an exchange amid the erratic price movement of the Ripple-backed token.

This large decline has stoked conjecture regarding XRP’s chances of hitting the much-anticipated $1 price target. Under the handle Rzn, the whale has kept dumping large volumes of tokens to Bitstamp and Bitso exchanges.

About 50 million tokens were recorded to have been offloaded in the last 24 hours, according to data released by the on-chain transactions monitoring tool Whale Alert. With the first transaction, Bitstamp received 29.28 million XRP, or $15.40 million. Concurrently, Bitso received 19.88 million XRP, or $10.45 million.

Supply Pressure and Price Obstacles

These transactions highlight increasing supply pressure on exchanges for the Ripple-backed asset, which in turn prevents the price of XRP from rising. Further obscuring potential price swings are on-chain and technical statistics. To further compound the uncertainties, a prior CNF post mentioned an analyst’s technical analysis-based forecast that XRP’s price may fall by more than 80% from its present levels.

Reputable crypto market experts Dark Defender and Egrag Crypto, in the meantime, have stuck to their positive prediction that XRP will soon surpass $1. For XRP investors, their confidence gives some hope despite the market difficulties and pessimistic attitude.

Coinglass data, which shows a 4.07% increase in open interest (OI) to $639.03 million while derivatives volume decreased 26.57% to $718.00 million, explains the wild swing of XRP. This information highlights lower market activity for the asset, even as fresh capital entered the futures market, suggesting some investor interest in spite of the slow price movement.

Latest Press

post-thumbnail
News
6 hours ago
Venezuela’s Bitcoin Mining Crisis: Government Actions and Potential Gas-Powered Solutions
Venezuelan Bitcoin miners halt operations as government disconnects power, citing strain on national...
READ MORE
post-thumbnail
News
6 hours ago
Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s Price?
The post Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s P...
READ MORE
default post thumbnail
News
6 hours ago
DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020
Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This...
READ MORE
default post thumbnail
News
6 hours ago
Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’
Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significan...
READ MORE
default post thumbnail
News
6 hours ago
Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations
A sudden and dramatic crash in the value of Curve Finance’s native token, CRV, has resulted in sub...
READ MORE
default post thumbnail
News
6 hours ago
Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls c...
READ MORE
default post thumbnail
News
6 hours ago
Bitcoin Stuck: Here Are 2 Things That Must Happen For BTC To Break $72,000
At spot rates, Bitcoin is firm, but traders doubt the uptrend following the unexpected dump on June ...
READ MORE
default post thumbnail
News
6 hours ago
Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). T...
READ MORE
post-thumbnail
News
6 hours ago
These Altcoin Projects Have Raised the Most Capital in 2024
In 2024, several altcoin projects have secured substantial funding, showcasing growing investor conf...
READ MORE
default post thumbnail
News
6 hours ago
Paxos Reportedly Downsizes Workforce by 20%: Details
Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started