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XRP Whale Moves 50 Million Coins Amid Price Swings at $0.52, $1 Reachable?
The Ripple-Labs-backed XRP cryptocurrency continues to attract attention in the cryptocurrency sphere. The price of the token, which is currently moving at a slow pace, has sparked a storm of speculation among traders and investors in the cryptocurrency market about its future price trend.
Notably, in the context of the volatile price movement resumed by the Ripple-backed token, a popular XRP whale sold nearly 50 million coins on an exchange, further influencing tokenomics. Cryptocurrency market participants continue to speculate on Cryptocurrency backed by Ripple potential to reach the long-awaited $1 price target early, as this whale continued to dump significant amounts of the token exchanges
.
XRP Whale Dump: A Bearish Concern
According to insights revealed by on-chain transaction monitoring platform Whale Alert, nearly 50 million tokens have been detected downloaded in the last 24 hours. According to the data, the known Whale XRP following the address, it was reported that Rzn would download the above amount to the Bitstamp and Bitso CEXs.
The first transaction illustrated the movement of 29.28 million XRP, worth $15.40 million, to Bitstamp. At the same time, the second transfer illustrated the transfer of 19.88 million XRP, worth $10.45 million, to Bitso.
These transactions highlight increased supply pressure on exchanges for the Ripple-backed asset, which in turn serves as a barrier to pumping the price of XRP. On-chain and technical statistics for cryptocurrency further shroud future price movements in an enigmatic cloud.
Meanwhile, it is worth mentioning that renowned cryptocurrency market analysts Dark Defender and Egrag Crypto have continued to cling to the bullish sentiment surrounding XRP potential can surpass $1
a little further on, as reported by CoinGape Media.
On the contrary, current market data suggests otherwise.
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XRP Price Fluctuates Around $0.52, What’s Happening?
According to CoinMarketCap data, XRP
The weekly chart shows the token consolidating between the $0.51 and $0.54 price levels. As of this writing, the Ripple-backed token was trading at $0.5299, up 0.94% from yesterday. Furthermore, 24-hour lows and highs were recorded at $0.5226 and $0.5326, respectively.
Coinglass data further rationalized XRP’s turbulent movement. OI jumped 4.07% to $639.03 million, while derivatives volume fell 26.57% to $718.00 million. This data underlined reduced market activity for the asset, although new money entered the futures market, underscoring some investor interest despite the slow price movement.
Furthermore, the RSI continued to hover around 51, suggesting that the asset is neither overbought nor oversold. Collectively, the data shows that the token awaits a takeover by bulls or bears.
Meanwhile, the regulatory uncertainty created by the Ripple lawsuit against SECfurther accompanied by the FIT21 crypto bill, adds to the enigmatic scenario for future XRP price movements.
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