XRP Whale Offloads 29.5 Mln Tokens, Fall to $0.50 Imminent?

XRP, one of the most prominent cryptocurrencies by global market cap, curated a cyclone of speculations across the broader crypto market on Wednesday as the token noted another significant whale transaction. As per on-chain data surfacing over the crypto horizon, a whale recently dumped colossal amounts of XRP to a CEX, garnering substantial attention globally. Meanwhile, as the transaction emerged amid the Ripple-backed token’s bearish movement, additional inferences for the crypto seem to be birthing. Simultaneously, the token’s recent pullback to $0.51 appears to be mirroring today’s whale movement.

XRP Whale Dump: In-Depth Report

According to the data revealed by Whale Alert, a platform facilitating blockchain tracking, an unknown address recently transferred a staggering 29.5 million XRP to Bitstamp, a Luxembourg City-based CEX. Moreover, the amount transferred equaled a whopping $14.95 million as of writing.

Notably, the wallet address, r4wf7enWPx…5XgwHh4Rzn, was registered, making the aforestated transfer, garnering substantial attention among crypto market traders and investors. At the same time, the XRP price continued to reflect the whale transaction, portraying a slump today.

Intriguingly, the exact address appears to have offloaded significant amounts of XRP previously, coinciding with the token’s price slump in recent days. As reported by CoinGape media earlier, the same whale’s transfers are burgeoning following Ripple’s recent stake acquisition in Bitstamp.

Meanwhile, market sentiments for XRP seem alarmingly bearish, with the offloading chronicle emerging amid the token’s recent slump.

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XRP Price Plunges

The XRP price showcased a notable drop of 1.95% in the past 24 hours and is currently trading at $0.5159 as of press time. Moreover, the token’s weekly chart illustrated a 9.59% plunge, further accompanied by a monthly dip of 16.43%. However, the token’s trading volume jotted an upswing of 25.72%, reaching $1.42 billion today.

Aligning with this, a prominent crypto market analyst, Cryptoes, further shed light on the token’s current market dynamics. According to Cryptoes, XRP is resting on ‘HUGE’ weekly support. Besides, the token is still below the 21MA, EMA 50, and 200MA. This further aligned with the token’s bearish movement recently, building additional inferences among crypto market traders and investors globally.

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