What's Next as XRP Whale Sells 28 Million Coins with Price Falling Below $0.53?

XRP Whale Offloads 28 Mln Coins As Price Dips Below $0.53, What’s Next?

In a surprising development, XRP, one of the top cryptocurrencies, has caught the attention of the crypto market due to significant whale activity. On-chain data shows that a whale recently sold 27.95 million XRP to a CEX in Luxembourg City, coinciding with a drop in price below $0.53.

This event has sparked speculation among crypto enthusiasts globally, especially considering recent bullish sentiments towards XRP. However, the whale’s significant offloading and the subsequent price drop suggest a possible bearish future for XRP.

An influential crypto market analyst known as XRP Whale has predicted that the token will experience a strong surge in the next 48 hours, contradicting the prevailing market sentiment. This statement has further fueled speculation, especially as derivatives data for XRP indicates a negative sentiment with money leaving the futures market.

XRP Whale Activity: Diving Deep

According to data from blockchain tracking platform Whale Alert, an unknown wallet address transferred 27.95 million XRP worth $14.74 million to a CEX today. This transaction garnered significant attention globally and contributed to the bearish sentiments surrounding XRP.

Derivatives data from Coinglass also revealed a 2.44% decline in XRP’s open interest, reaching $617.41, further supporting the bearish outlook for the token.

Simultaneously, the XRP price experienced a substantial drop following the whale’s sell-off and decline in open interest. This contrasts with previous predictions of XRP reaching $1.88.

XRP Price Dips

Currently trading at $0.5238, the XRP price has dropped by 1.21% in the past 24 hours. This decline comes after the price briefly exceeded $0.53, generating interest among traders and investors.

Despite predictions of a bullish run for XRP, today’s sell-off, derivatives data, and price slump present a contrasting picture. However, XRP Whale’s assertion of an upcoming pump for XRP amidst the price decline has piqued curiosity globally.