XRP Whales Sell Off 53 Million Tokens
According to data from Whale Alert, a platform that tracks on-chain data, there has been a significant sell-off of Ripple’s XRP. In a recent transaction, an XRP trader sold over 29 million XRP tokens, contributing to the overall decline in XRP’s value. This sell-off adds to concerns about the market performance of the cryptocurrency.
The trader dumped 29.1 million XRP, worth $14.72 million, to Bitstamp, a crypto exchange. In another transaction, 23.7 million XRP tokens worth $11.98 million were offloaded to Bitso through an undisclosed wallet. In total, nearly 53 million tokens were dumped, with a value of $26.7 million.
This significant sell-off could potentially push the price of XRP even lower than $0.49, which would be a setback for the XRP community. Additionally, Ripple recently sold a large portion of its XRP reserves, which may have contributed to the current downturn.
XRP Price Drops Below $0.50
The recent bearish turn of XRP has surprised the cryptocurrency community. The price of Ripple’s digital currency has been experiencing a downward trend, causing it to fall below $0.50. Currently, the price is down 3.90% at $0.4928 and is approaching a fall below $0.49.
XRP’s market valuation has decreased by 3.95% to $26.79 billion, and its trading volume has dropped by 23.86% to $1.35 billion in the past 24 hours. The cryptocurrency reached a low of $0.4926 today, dropping more than 4% from its high of $0.5135.
Furthermore, XRP has lost nearly 20% in the last 40 days. Technical analysis from TradingView indicates a “Strong Sell” signal for XRP, with its price trading below both the 100-day and 200-day exponential moving averages (EMAs). This suggests a long-term bearish sentiment. In the short-term, XRP’s value is also below the 10-day and 50-day EMAs, further emphasizing the bearish trend.
Hot Take: XRP Faces Significant Challenges Amidst Market Volatility
XRP continues to face significant challenges as it struggles to maintain its value amidst heightened volatility in the crypto market. The recent sell-off by XRP whales has contributed to the overall decline in price and has raised concerns about the cryptocurrency’s market performance.
With the price falling below $0.50, XRP may face further downward pressure, potentially dipping below $0.49. The community is undoubtedly disappointed by these developments, as XRP has experienced a substantial crash trend recently.
It remains to be seen how XRP will recover from this setback and whether it can regain its previous levels of support. As always, it’s important for investors and traders to closely monitor market trends and make informed decisions based on their own risk tolerance and investment strategies.
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