XRP, a cryptocurrency backed by Ripple Labs, amassed considerable investor attention today, April 8, as its price retook a bearish turn. Coming in tandem with an XRP whale’s 25 million tokens dump to a CEX, this bearish turn stirred a whirlpool of speculations surrounding the dump’s potential impact on XRP’s price.

Meanwhile, as the broader crypto market witnesses a turbulent shift with the upcoming BTC halving, the token’s much-awaited potential $1 run in April appears to be shrouded in a cloud of enigma. Nonetheless, with news of BTC halving coming in earlier than expected, historical data showcasing altcoins mimicking BTC’s uptrend post-halving adds to the optimistic speculation on the Ripple-backed token’s price action ahead.

XRP Whale’s 25 Mln Dump: Report

According to the data revealed by the blockchain tracker Whale Alert, 24.8 million XRP, worth $14.75 million, was shifted to Bitstamp by an unknown wallet, …Rzn. This transaction promptly gained substantial traction throughout the global crypto horizon, as XRP’s price jotted a notable dip following the dump by the renowned XRP whale mentioned above.

24,880,000 #XRP (14,752,878 USD) transferred from unknown wallet to #Bitstamphttps://t.co/wdX27lI223

— Whale Alert (@whale_alert) April 7, 2024

Historical data illustrates that the abovementioned whale’s transfer to Bitstamp emerged as a recurring phenomenon soon after Ripple strategically acquired stakes in the CEX. This stirred speculations over Ripple’s efforts to regulate the token’s supply in the market, in turn validating the price fall with supply gains on exchanges.

Further, the token’s on-chain data additionally mirrored today’s price slip, with XRP’s derivatives data illustrating a loss of investor interest, accompanied by liquidations witnessed in the past 24 hours. Coupled with the whale’s significant dump, these factors collectively reflected XRP’s bearish turn.

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XRP Price Tumbles

As of writing, the XRP token’s price slipped 0.62% in the past 24 hours and is currently trading at $0.5922. Notably, the token’s slip below $0.6 falls in line with the abovementioned whale’s dump, adding a tint of bearish sentiments to XRP.

Meanwhile, Coinglass revealed a 1.16% decrease in the token’s open interest, whereas the OI-weighted funding rate continued a tumbled movement, resting at 0.0104% as of press time. This collectively showcased a downturn market trend for the token, further escorted by liquidations for XRP evaluating at $288.22K, with long positions at $244.27 and short positions at $43.95K.

Overall, the current market dynamics paint an unsure scenario of XRP’s capability to hit $1 in April. However, it’s worth noting that the highly volatile nature of the crypto landscape, further accompanied by the upcoming bullish event of BTC halving, may bring about a paradigm shift in XRP’s price action ahead. Additionally, renowned analysts continue to portray a retained sense of bullishness on the Ripple-backed token’s ability to hit $1 in April.

Also Read: Ripple CEO Expects 100% Surge In Crypto Market Cap to $5 Trillion In 2024

The post XRP Price Slips As Whale Offloads 25 Mln Coins, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am