XRP Price Dip Stirs Speculations As Whales Shift Over 170 Mln Coins, What’s Next?

XRP, a cryptocurrency backed by Ripple Labs, sparked a tidal wave of speculation among crypto market traders and investors globally today, March 14, as the token’s price slipped below the $0.69 mark following a remarkable pump showcased within the past few days. Amid this recent drop, burgeoning whale activity recorded over the past 24 hours by a blockchain tracker appears to be gaining significant traction across the broader crypto market.

Today’s XRP Whale Transactions: A Deeper Dive

According to the data revealed by Whale Alert, a staggering 177.5 million XRP on the move stirred a whirlpool of inferences as the Ripple-backed token’s market dynamics showcased bearish sentiments today. Three massive transactions, per Whale Alert’s data, illustrated massive dumps to CEXs and an unknown wallet’s colossal accumulation of XRP from Ripple collectively.

The first transaction showcased 140 million XRP, worth $95 million, accumulated from Ripple by the address rP4X2hTa7A…7XZ63sKxv3. Whereas the two remaining transactions showcased substantial dumps by a renowned XRP whale to two CEXs, Bitstamp and Bitso. The transfer to Bitstamp totaled 21.1 million XRP, worth $14.42 million, while the transfer to Bitso totaled 16.4 million XRP, worth 11.21 million.

Following the surfacing of these transactions, a mixed sentiment among whales prevailed in the market, as the abovementioned transactions showcased accumulations and dumps in hand. However, XRP traded in the red today, hinting at a downtrend as derivatives data plunged substantially.

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XRP Dips

As of writing, the XRP price noted a drop of 2.47% over the past 24 hours and is currently trading at $0.6806. With a market cap plunge of 2.47%, further escorted by a 24-hour trading volume dip of 34.05%, XRP birthed a bearish landscape today.

This bearish landscape was further fueled by a 0.85% drop in the token’s open interest, accompanied by a volume dip of 52.32%, per Coinglass‘ data. With investors looking to close positions, traders foresee further bearish movements ahead. However, it remains crucial for the token to close above the daily support of $0.68 for further pumps, as stressed by a prominent analyst, Cryptoes.

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