Powered by Ripple XRP, caused a wave of speculation in the cryptocurrency market on March 20. A strong whale continued selling as the price fell to $0.5. This development comes after the altcoin’s significant price increase in recent days, with sales exceeding $0.7, increasing the bearish sentiment. This started a speculative discussion about future price movements.
Additionally, the decline experienced by XRP further reflected the market corrections seen in recent days. With Bitcoin falling to 61,000 as of press time, altcoin‘s also experienced a general downward trend. This appears to have pushed the altcoin’s price even lower amidst a decline in other crypto assets.
According to information shared by Whale Alert, a powerful XRP whale sent 24.7 million tokens worth $15.04 million to Bitstamp. Thus, it increased the supply of the token in the market. Since this move occurred at a time when the token was already experiencing a significant decline, it created an even greater downward trend for the token. This decline, combined with XRP falling below $0.6, created a downtrend for the Ripple-backed token.
Following these developments, market data for XRP revealed an even more negative picture and showed signs of increasing control of the bears today. Technical indicators and derivatives data have attracted a lot of attention among crypto market watchers, increasing speculation about the token’s mysterious movements in the market.
Currently, the price of XRP has recorded a decline of 3.29% in the last 24 hours and is currently trading at $0.5813. With a 9% decline in 24-hour trading volume, the token continued to decline due to crypto market fluctuations.
Derivatives data from Coinglass showed a significant decline in open interest and volume, indicating reduced market activity and declining investor sentiment. The fact that the RSI is around 44 indicates that a selling tendency prevails in the market. However, the fact that it is not in the overbought or oversold zone indicates that the token is not overly biased towards a particular direction.
