XRP Whale Dumps 59 Mln Tokens, Price Plummets Below $0.54 😱

You’re probably aware of the recent whale dumps that occurred in the XRP market. These large transfers of XRP to centralized exchanges have sparked a lot of speculation among crypto enthusiasts. The price of XRP dipped below the $0.54 mark, which has been a target emphasized by analysts. At the same time, there has been curiosity surrounding Brad Garlinghouse’s positive stance on a potential XRP ETF, adding to the bearish sentiment for the token.

A closer look at the whale dumps reveals that nearly 59 million XRP were transferred to two centralized exchanges. The transactions were made by an unknown wallet, Rzn, which has been involved in similar transfers in the past. This recurring phenomenon has caught the attention of crypto market participants, especially considering Ripple’s strategic stake acquisition in these exchanges.

As expected, these whale dumps have resulted in a drop in XRP’s price. Currently trading at $0.5377, XRP has fallen by 1.11% in the past 24 hours. This decline is significant as it brings XRP below the crucial support level of $0.54. Additionally, there has been a decrease in trading volume but an increase in open interest in the derivatives market, indicating caution from investors.

With all these factors at play, it remains to be seen how XRP’s price will evolve in the short term. Keep an eye on the liquidity scenario and be prepared for potential price action shifts.