XRP Whale’s Selloffs and Market Corrections
Today, March 19, the cryptocurrency market experienced a significant twist as an XRP whale made substantial selloffs amidst ongoing market corrections. This caught the attention of many as XRP, after a recent pump, regained its bearish momentum.
Following a bearish movement in almost all altcoins, including BTC dropping below $70K, the selloffs sparked speculations about XRP’s future price action. Many questioned whether it would drop below the $0.6 support level.
The Details of the XRP Whale’s Selloffs
According to data from blockchain tracker Whale Alert, a total of 99.85 million XRP has been dumped to centralized exchanges (CEXs) since March 15. One prominent XRP whale named Rzn was responsible for offloading a staggering 50.40 million XRP on March 15 alone. This whale transferred 22.8 million coins to Bitstamp and 27.60 million coins to Bitso. Since then, this whale has continued to sell significant amounts of XRP.
On March 17, the same address dumped 24.85 million XRP (worth $15.44 million) on Bitstamp. Today, they sold another 24.60 million XRP (worth $14.84 million) on the same exchange. These massive selloffs have sparked speculation among traders and investors worldwide as the supply of XRP on CEXs continues to rise while the token itself has already shown signs of bearishness with a 13.16% weekly plunge.
XRP Price Decline
As of now, the price of XRP has dropped by 12.85% in the past 24 hours and is currently trading at $0.6024. The token’s RSI is hovering around 47, indicating a prevailing selling sentiment in the market. This aligns with the aforementioned selloffs and further adds to the bearish outlook for XRP. In fact, the price even dipped below $0.6 today.
However, despite these bearish market sentiments, Coinglass has reported a 4.06% surge in XRP’s open interest and a staggering 138.59% increase in volume within the derivatives market. This contrasting data suggests that new money is entering the market and there may be a buying-the-dip sentiment among investors who anticipate a reversal trend for XRP.
Hot Take: What Lies Ahead for XRP?
With the recent selloffs by an XRP whale and the overall bearish market conditions, it is crucial to analyze what might happen next for XRP. Here are some key points to consider:
- The selloffs by the XRP whale have raised concerns about a potential drop below the $0.6 support level.
- XRP’s price has already experienced a significant decline, and its RSI indicates a selling sentiment prevailing in the market.
- However, data from Coinglass shows an increase in XRP’s open interest and trading volume in the derivatives market, suggesting that some investors may see this as an opportunity to buy the dip.
In conclusion,
XRP has faced significant challenges recently due to market corrections and selloffs by an XRP whale. The token’s price has declined, and there are concerns about it dropping below crucial support levels. However, there is also evidence of increased market activity and new money entering the derivatives market for XRP. As the situation continues to unfold, it is essential for investors to closely monitor market dynamics and make informed decisions based on the available data.
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