XRP Whale Sells 31 Million Coins During Price Decline: What comes next?

The world of XRP, the cryptocurrency supported by Ripple, has been stirring with activity as a whale decided to unload a significant number of coins onto centralized exchanges. Recent on-chain data shows that around 31 million XRP coins were dumped during the last 24 hours, coinciding with a period of price recovery. This move, like all major whale activities, has left investors pondering about the future direction of XRP’s value.

Exploring XRP Whale Moves and Their Ripple Effect

Large token dumps onto exchanges often signify bearish market trends, adding to the supply and putting pressure on prices. Whale Alert, a platform tracking on-chain transactions, reported that a prominent XRP whale moved 30.350 million XRP to two centralized exchanges within a day.

This movement, totaling $14.53 million and targeted at Bitstamp, signals a surge in selling, causing concern among the crypto community. Such large-scale sales can disrupt market stability and introduce volatility, leading to downward price pressure.

Present State of the Market and Future Predictions

Currently, XRP is valued at $0.4872 with a trading volume of $661,747,811.30 over the last 24 hours. Despite a 0.38% decrease in the past day and a 2.04% decrease in the past week, the cryptocurrency’s market cap is $27 billion, supported by a circulating supply of 56 billion XRP. The market, though seeing some decline, remains resilient due to positive developments in the XRP Ledger.

Ripple’s plans to introduce RLUSD, a stablecoin aimed at enhancing transactions on the XRPL, have sparked optimism among investors. Furthermore, futures open interest saw a 0.21% increase to $416.1 million, and derivatives volume surged by 5.16%, reflecting mixed market sentiment.

These metrics suggest that while futures trading might have slowed down, interest in XRP remains high. The Relative Strength Index (RSI) close to 47.04 points towards downward pressure, indicating potential volatile movements ahead. If the RSI enters oversold territory, XRP could witness a significant price surge.