In what comes as a noteworthy twist witnessed within the cryptocurrency landscape today, March 19, phenomenal selloffs by an XRP whale amid the recently witnessed crypto market corrections garnered noteworthy interest, as XRP regained a bearish momentum after showcasing a remarkable pump in the past few days.

Following a bearish movement illustrated by nearly all altcoins as BTC slipped below the $70K mark amid the recently observed crypto market corrections, these selloffs gave rise to a cyclone of speculations orbiting XRP’s price action ahead, questioning the chances of a potential drop below the $0.6 support level.

Scoping Into XRP Whale’s Selloffs During Market Corrections

According to the insights revealed by the blockchain tacker whale Alert, 99.85 million XRP has been dumped to CEXs since March 15, from the time when top crypto prices dipped remarkably due to a massive crypto market selloff, as per CoinGape Media’s report. Among these dumps registered, a staggering 50.40 million XRP was offloaded by a renowned XRP whale, …Rzn, on March 15, shifting 22.8 million and 27.60 million coins to Bitstamp and Bitso, respectively. Simultaneously, the same whale continued selling significant amounts of XRP to date.

24.85 million XRP, worth $15.44 million, was dumped to Bitstamp on March 17, whereas the exact address sold another 24.60 million XRP, worth $14.84 million, to the same CEX today. This birthed a massive cyclone of speculations among crypto market traders and investors globally, as supply gains on CEXs for XRP continued to skyrocket, while the Ripple-backed token already showcased bearish signs with a 13.16% weekly plunge.

Meanwhile, with its price briefly dipping below the $0.6 mark today as of press time, investors have been on their toes as market dynamics add on to the bearish market sentiments on XRP.

Also Read: Crypto Prices Today March 19: Bitcoin Drops To $65K, ETH At $3300, PEPE Plunges 20%

XRP Price Slips

As of writing, the XRP price showcased a 12.85% drop in the past 24 hours and is currently trading at $0.6024. With its RSI hovering around 47, the token continued painting a bearish outlook today, indicating a selling sentiment prevailing within the market. This further fell in line with the abovementioned selloffs, fueling additional bearishness on the token as its price even recorded a dip below $0.6 today.

However, Coinglass spotlighted data with a 4.06% surge in XRP’s open interest, accompanied by a staggering 138.59% upswing in volume within the derivatives market. This contrasted with the bearish market sentiments on Ripple-backed token, showcasing substantial new money entering the market with heightened market activity. A buying-the-dip sentiment might be aiding this surge in open interest, while investors continue to eye the token as a reversal trend may be looming.

Also Read: Crypto Market In Strong Bearish Grip Before FOMC, Ethereum (ETH) Price Under $3,400

The post XRP Selloff: Whale Dumps 100 Mln Coins Amid Market Corrections, XRP To Slip Below $0.6? appeared first on CoinGape.

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