Whale Dumps 45 Mln Coins Amid XRP Price Slip Below $0.6, What’s Next?

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Against the backdrop of a recent downtrend witnessed across the broader crypto market, XRP, a cryptocurrency backed by Ripple Labs, magnetized significant investor attention today, April 4, as the token noted considerable whale activity. Following its slip below the $0.6 mark primarily due to market corrections, this significant whale activity spotlighted by Whale Alert birthed speculations over the Ripple-backed token’s price action ahead.

Intriguingly, on-chain whale data showcased 45 million coins dumped to CEXs, birthing bearish market sentiments among investors that run in hand with XRP’s recent price dip. Simultaneously, market dynamics further stirred speculations over a downtrend for the token, coming in tandem with the recent broader downtrend witnessed across the cryptocurrency realm.

XRP Whale Dumps 45 Mln Coins, Ignites Bearish Sentiments

According to Whale Alert’s insights, 45 million XRP was collectively shifted in two transactions over the past 24 hours. The first transaction illustrated 25.6 million coins shifted to Bitstamp, a Luxembourg City-based CEX, whereas 20 million coins were shifted to Bitso, a Mexico City-based CEX, in another transaction.

Notably, the same whale address, …Rzn, was noted to be making both these transactions, per Whale Alert’s data. While CoinGape Media earlier reported that this XRP whale’s transactions stirred speculations over an orchestrated effort to regulate XRP’s market dynamics.

Intriguingly, these transactions by the same whale emerged as a recurring phenomenon promptly after Ripple’s strategic stake acquisition in these CEXs. Besides, XRP continued to trade in the red today, aligning with the supply gains on exchanges due to the massive dumps mentioned above.

Also Read: Crypto Prices Today April 4: Bitcoin Drops To $65K, Ethereum At $3200, SOL & XRP Dip

XRP Price Slips

As of writing, the XRP price noted a fall of 2.91% in the past 24 hours and is currently trading at $0.569. The token’s market cap dropped 2.93%, reaching $31.31 billion, while its 24-hour trading volume plunged 22.96% to $1.52 billion, painting a bearish portrait for XRP.

This bearish trend further cemented its foothold among investors as XRP open interest decreased by 4.53%, whereas derivatives volume slipped by 31.04%, per Coinglass data. This flagged out a vigorous downtrend for the token in the market, coupled with an OI-weighted funding rate dip to 0.0111%.

Collectively, XRP’s current market data paints an enigmatic scenario for its potential run to $1 in April. In addition, the U.S. SEC’s recent call for a final judgment against Ripple, with $2 billion worth of penalties, has added to these speculations.

Furthermore, technical indicators signal a robust selling sentiment for XRP in the market, with RSI hovering at 40, hinting that the token might enter an oversold territory, further shrouding the token in a cloud of inferences over a future price action reversal.

Also Read: Singapore Sets Precedent with Licensing of Crypto Market Maker GSR Markets

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