XRP Price Dips Below $0.53 as Massive Whale Offloads 28 Million Tokens

  • Massive XRP whale offloads 27.95 million coins, triggering a substantial drop below $0.53.
  • XRP Whale predicts a surge, defying bearish sentiment 
  • Derivative data signals negativity with a 2.44% dip in XRP’s open interest.

XRP, a cryptocurrency ranked among the top 6, is causing a stir in the crypto market. Today, a massive whale offloaded 27.95 million XRP to a Luxembourg City-based CEX, coinciding with the digital asset’s substantial drop below $0.53. The unknown wallet address r4wf7enWPx…5XgwHh4Rzn did this substantial transfer.

XRP already dipped below the $0.53 mark before the whale’s offload, thereafter, the downward trend remained, showing bearish sentiments for the token. Simultaneously, Coinglass derivatives data revealed a 2.44% dip in XRP’s open interest, supporting the pessimistic outlook on the cryptocurrency.

This event has left crypto enthusiasts worldwide worried, particularly after there was a light of hope from the recent optimistic predictions from top analysts regarding XRP. However, the substantial whale offloading, is just in time with the price decline, suggesting a potential bearish phase for XRP in the future.

XRP Whale, a crypto market analyst, predicts a surge in the token’s value over the next 48 hours, despite negative sentiment indicated by derivatives data and money exiting the futures market.

A prominent cryptocurrency market analyst named Dark Defender has recently made a bullish prediction about Ripple (XRP) which has caused excitement within the crypto community.

According to the analyst, Ripple could potentially reach a price of $1.88. Dark Defender also pointed out that the Fibonacci level had ended precisely at $0.5286, as they had anticipated. This, according to the analyst, indicates that Ripple can attain wave three targets of $1.88 and $5.85.

As of the latest update, XRP’s price has registered a 1.21% decrease in the past 24 hours, settling at $0.5238. This drop follows the recent excitement among traders and investors for the year 2024 when the price briefly surpassed the $0.53 mark. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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