Ripple’s XRP coin has once again fallen below the $0.50 level with the recent increased volatility in the crypto market. This outlook is in line with crypto analysts’ previous predictions that the XRP price would drop by $0.49. Moreover, the recent drop in prices was accompanied by a significant whale liquidation of XRP. This contributed to the overall bearish sentiment.
XRP Whales Dumped 53 Million Tokens
Analysis by on-chain data tracking platform Whale Alert shows that there is a serious sell-off in the altcoin. In the latest whale transaction, an XRP trader disposed of more than 29 million XRP tokens. This increased the impact of the ongoing decline in the value of the altcoin. This critical move increased concerns about the altcoin.
Whale transferred 29.1 million XRP worth $14.72 million to a bank headquartered in Luxembourg through an unknown wallet. crypto- He left it to Bitstamp, the exchange. Additionally, in another transaction, 23.7 million tokens worth $11.98 million were offloaded to Bitso, another crypto exchange, via an undisclosed wallet. The total value of these transactions reaches $26.7 million with the disposal of approximately 53 million tokens.
It’s possible that this big move didn’t even trigger the XRP price to drop below $0.49. It’s possible that all of this points to a decline for the community. Moreover, earlier this week Ripple mined a large portion of its XRP reserves. The company disposed of 46.34 million coins, equivalent to $24.74 million at the time, leaving only 270 XRP coins in reserve. It is possible that this move has encouraged the recent decline.
XRP Price Dropped Below $0.50
This move was an unexpected move by the XRP community and took the community by surprise. The altcoin has faced a recent downtrend. This caused it to drop below $0.50.
Koinfinans.com As we reported, the altcoin fell 3.90% to $0.4928 at the time of writing and was close to falling below $0.49.
Additionally, XRP trading volume decreased by 23.86% to $1.35 billion in the last 24 hours. Ripple’s XRP is down over 4% from the high of $0.5135 today, reaching a low of $0.4926.
Moreover, the virtual currency has lost nearly 20% of its value in the last 40 days. In addition, TradingView moving averages meter suggested a ‘Strong Sell’ signal for XRP today. XRP price is trading significantly lower than the 100-day and 200-day EMAs of 0.57636 and 0.56546 respectively. This indicates a long-term bearish sentiment.