XRP, the native cryptocurrency of Ripple, has again fallen below the $0.53 mark after extreme volatility hit the crypto market lately. Amid the bearish turn, a massive whale dump has been recorded for XRP. In addition, crypto analysts expect a further slump in XRP price that could potentially push it lower than $0.50.

Will XRP Fall Below $0.50?

According to data from Whale Alert, a blockchain tracking platform, a significant sell-off has been reported for Ripple’s XRP. In one of the latest transactions, over 27 million XRP tokens were dumped by a whale amid the recent price drop.

The trader transferred $27.7 million XRP tokens to Bitstamp, a Luxembourg-based crypto trading platform. The transaction was worth $14.48 million. Moreover, it’s important to note that most of XRP whale offloading took place via Bitstamp in recent times.

On the other hand, XRP Captain, a supporter of XRP, provided an analysis of the future performance of the Ripple-backed XRP. Recently, XRP Captain took to X and revealed that the XRP price is slated to plunge below $0.50 soon. This suggests a decline of over 5% from the current price trend.

Source: XRP Captain | X

However, they noted that XRP is poised to register a Falling Wedge breakout after the massive drop. This implies that a bullish rally is imminent despite the recent price crash. The chart attached alongside the analysis indicates an XRP price surge beyond $0.64, suggesting a 21% increase from the recent price range of around $0.52.

Also Read: Spot XRP ETF: Ripple Actively Hiring Executives To Prepare For Filing?

XRP Price Plunges Below $0.53

Ripple’s XRP witnessed a drop of $1.09% in value to $0.5262 at press time on Monday, January 29, 2024. Whilst, the crypto held a market cap of $28.58 billion, down 1.17%. On the contrary, the trading volume for XRP soared by 31.67% to $588.47 million.

Earlier today, the XRP price surged to a high of $0.533 before slumping lower than $0.53. In addition, the Ripple-backed crypto attained a low of $0.5217 during the bearish turn. Furthermore, XRP is trading 86.30% below the all-time high of $3.84 recorded in January 2018.

Moreover, the TradingView moving averages indicator suggests a ‘Strong Sell’ signal for XRP. Currently, the XRP price is trading substantially lower than its 50-day and 200-day EMA of 0.57326 and 0.56730, respectively. This suggests a rigid bearish trend for XRP both in the short and long term.

Also Read: Gemini Lists New XRP Pair, Here’s How Price Reacts

The post XRP Whale Dumps 27 Mln Tokens to Bitstamp, Will XRP Price Drop Below $0.50? appeared first on CoinGape.

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