The Ripple Labs-backed cryptocurrency, XRP, has ignited a torrent of bearish market sentiments today, May 13, slipping below the highly psychologically important level of $0.5. Illustrating signs of a pullback in the past seven days, the token has continued a waning price trajectory, with a whale’s massive dump further increasing downside pressure for the token.

Blockchain data illustrates that amid the token’s tumbled price movement in the past 24 hours, a renowned XRP whale offloaded slightly above 30 million tokens to an exchange. The Ripple Labs-backed token has, in turn, dipped below $0.5 following the massive dump.

XRP Whale Activity Sparks Investor Concerns

According to the data revealed by Whale Alert, 30.23 million XRP was moved to Bitstamp by a renowned XRP whale, ..Hh4Rzn. Notably, this whale has been much assumed to be a potential Ripple-linked address.

Although no concrete proof has been offered yet, it’s worth noting that this address dump to Bitstamp soon emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in the CEX. Numerous reports by CoinGape Media have further brought these transactions to the spotlight.

Looking at the token’s daily timeframe chart, it can be seen that soon after the abovementioned whale transaction took place, prices further noted a dip, with XRP falling below $0.5. Here’s a deeper dive into the token’s current price movements and market statistics.

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XRP Price Tumbles

As of writing, XRP’s price has tanked 2.94% in the past 24 hours and is currently trading at $0.4929. The token’s market cap slipped 2.88% to $27.29 billion, while the 24-hour trading volume jumped by 42.09% to $586.47 million.

Coinglass data showcased a 0.47% dip in XRP’s open interest to $553.19 million, whereas the derivatives volume spiked 88.82% to $553.19 million. This data has painted an uncertain market scenario for XRP, whilst the token’s recent dip appears to have nabbed significant attention.

In a post shared by pro-XRP lawyer Bill Morgan today, the token’s dip to the $0.4 price level was further brought attention to. Meanwhile, the RSI (Relative Strength Index) hovered at 37, underscoring some downside pressure for the token in the market. Also, the technical indicators flagged a robust selling sentiment among investors.

One week to forget pic.twitter.com/xYdWKW8Wvl

— bill morgan (@Belisarius2020) May 13, 2024

This has clouded expectations of XRP scaling the much-awaited level of $1 shortly. Further, the Ripple vs. SEC legal tussle has contributed to the token’s turbulent and sluggish performance.

Nonetheless, XRPL, the blockchain XRP leverages, marked monumental achievements this week. SBI Holdings’ Japanese crypto division announced recently that it is a now validator on XRPL. Moreover, Infinite Block, a Korean virtual asset service provider, revealed that it is participating as a validator on the layer 1 blockchain today.

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The post XRP Price Slips Below $0.5 As Whale Offloads 30M XRP, What’s Next? appeared first on CoinGape.

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