XRP Whale Offloads 28M Coins Despite Optimism For $1 Run Ahead, What’s Happening?

XRP, one of the top cryptocurrencies by market cap, has continued to stir a whirlpool of speculations among crypto market enthusiasts globally. Despite optimism for a potential $1 run for the token prevailing within the market, XRP continues to bore the brunt of price fluctuations.

Amid this attention-nabbing price flux, a renowned XRP whale has continued offloading significant amounts of coins to an exchange. On-chain data showcases nearly 28 million XRP on the move to a Luxembourg City-based CEX.

Whale Dumps XRP Despite Potential $1 Run Ahead

Notably, renowned crypto analysts have maintained a positive outlook on XRP’s potential to offer gains. They continue to express optimism about the token’s ability to surpass the $1 mark and potentially reach even more significant price levels. In fact, CoinGape Media reported yesterday that Egrag Crypto, a well-regarded analyst, envisions XRP trading within a price range of $1.2-$1.5 in the coming weeks.

Moreover, Dark Defender, another crypto analyst, echoed this optimistic view, saying a break above the $0.64 mark paves the way for greater heights. Amid this optimistic wave set off by the analysts, the whale was recorded dumping 28.6 million XRP, worth 15.36 million, to Bitstamp. This, collectively, has birthed a torrent of inferences on XRP’s future price movements.

Meanwhile, it’s worth mentioning that speculations of the whale, …Rzn, being a Ripple-linked wallet prevail, primarily because the address started transacting significant amounts of XRP to the same CEX soon after Ripple’s strategic stake acquisition. Simultaneously, these transactions also cause an increased selling pressure effect on XRP, which could be among the factors driving its price volatility.

Also Read: Shiba Inu Coin Team Lauds K9 Finance On Major Listing, KNINE Price Soars

XRP Price Fluxes

As of writing, the XRP token’s price traded at $0.5248, down 0.62% in the past 24 hours. The token’s chart shows a highly volatile movement, with trading sessions in both red and green territories. Its 24-hour lows and highs are $0.5216 and $0.5399, respectively.

In the interim, Coinglass data illustrated heightened trading activity for XRP, with reduced investor interest, potentially due to speculative trading. XRP’s OI fell 0.16% to $613.23 million, whereas its derivatives volume rocketed 92.98% to $983.60 million. This could be further driving the token’s current turbulent price action.

Besides, the RSI surfaced at around 49, hinting at a neutral market stance for the asset. Collectively, market statistics paint an uncertain scenario of the Ripple-backed asset’s future price movements, although the analysts-birthed optimism on the token’s bull run ahead persists.

It’s also worth noting that with the FIT21 crypto bill gaining traction amid the Ripple vs SEC lawsuit, an additional layer of intrigue engulfs crypto market participants, speculating over the token’s price movements ahead.

Also Read: Bitcoin Whales In Accumulation Mode, Seller Exhaustion Apparent

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.