XRP, Ripple’s native crypto, has once again slipped below the $0.50 mark amidst recent heightened volatility in the crypto market. This aligns with crypto analysts’ previous projections of a decline in XRP price to $0.49. Moreover, the recent downturn in prices has been accompanied by a substantial whale dump of XRP, contributing to the overall bearish sentiment.

XRP Whales Offload 53 Mln Tokens

Analytics from Whale Alert, an on-chain data tracking platform, reveal a noteworthy sell-off of Ripple’s XRP. In the latest whale transaction, an XRP trader offloaded over 29 million XRP tokens, amplifying the impact of the ongoing decline in XRP’s value. This significant move adds to the prevailing concerns about the crypto’s market performance.

The whale dumped 29.1 million XRP, valued at $14.72 million, via an unknown wallet to Bitstamp, a crypto exchange headquartered in Luxembourg. In addition, in another transaction, 23.7 million XRP tokens worth $11.98 million were offloaded to Bitso, another crypto exchange, through an undisclosed wallet. The total worth of these transactions comes up to a whopping $26.7 million with nearly 53 million tokens dumped.

The major sell-off could even trigger the XRP price to extend lower than $0.49, marking a setback for the community. Moreover, earlier this week, Ripple got rid of a major chunk of its XRP reserves. The company offloaded 46.34 million tokens, equivalent to $24.74 million at the time, leaving just 270 XRP tokens in its reserve. This move could have spurred the recent downturn.

Also Read: Ripple CEO Breaks Silence on Alleged Breach: No Wallet Was “Compromised”

XRP Price Extends Below $0.50

The XRP community is indeed taken aback by the crypto’s latest bearish turn. The Ripple-backed digital currency has been facing a massive crash trend lately, which propelled its price lower than $0.50. At press time, the XRP price was down 3.90% to $0.4928, inching closer to a fall lower than $0.49.

Whilst, the crypto displayed a market valuation of $26.79%, suggesting a 3.95% decline. Furthermore, the trading volume for XRP plummeted 23.86% to $1.35 billion in the past 24 hours. Ripple’s XRP attained a low of $0.4926 today, plunging over 4% from the high of $0.5135.

Moreover, the virtual currency has lost nearly 20% in the last 40 days. In addition, the TradingView moving averages meter suggested a ‘Strong Sell’ signal for XRP today. The XRP price is trading substantially lower than the 100-day and 200-day EMAs of 0.57636 and 0.56546, respectively, hinting at a long-term bearish sentiment. Whilst, the crypto’s value is also lower than the 10-day and 50-day EMAs of 0.51877 and 0.56551, underscoring a bearish downturn in the short-term as well.

Also Read: XRP Price To Surge Soon Amid Strong Whale Holdings Despite Ripple Hack

The post XRP Whales Dump 53 Mln Tokens Amid Price Drop To $0.49 appeared first on CoinGape.

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