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Whales Move 150M Coin As Price Dips Below $0.53, What’s Next?

In the volatile realm of cryptocurrency, the XRP price is once again under the spotlight as whales maneuver a staggering 150 million coins amid a dip of more than 4% today. However, while the market participants grapple with the fluctuating market and declining prices, the recent whale transactions have sparked intrigue and speculation regarding their implications on XRP’s trajectory.

Whale Transactions Sparked Speculations

Whale Alert, an on-chain transaction tracking platform, has flagged three significant movements of XRP totaling 150 million coins. Notably, Ripple, in a sizable transaction, transferred 100 million XRP valued at approximately $52.81 million to an undisclosed wallet. This, alongside a separate transfer of 28.27 million XRP by an unknown wallet “r4wf7….h4Rzn“, worth around $15.13 million, to Bitstamp, has sparked discussions in the cryptocurrency space sphere.

Simultaneously, the same wallet has moved 21.92 million XRP, worth around $11.74 million, to Bitso exchange, further fuelling speculations. Notably, this wallet has been on the investors’ radar lately, as it has moved a significant number of XRP to these crypto exchanges recently.

Meanwhile, speculations abound regarding the motives behind these transactions. While some view it as a strategic selloff, others speculate it might align with Ripple’s liquidity management strategy, particularly given its previous stake acquisition in Bitstamp. 

Notably, the intertwined nature of Bitstamp’s collaboration with Ripple on cross-border payments complicates the interpretation, as Ripple often utilizes XRP transfers to facilitate seamless global fund transfers.

Also Read: Nvidia CEO Delivers Advanced AI Chip To OpenAI, What’s Next?

XRP Price Dips, What’s Next?

Meanwhile, the XRP price has witnessed a downturn, slipping below the $0.53 mark. Previously, EGRAG Crypto, a prominent market analyst, viewed this level within the context of an ascending channel, interpreting it as bullish. He asserted that the challenge for bulls now lies in maintaining the price above $0.53 to sustain the bullish trajectory trajectory.

XRP Price Analysis

On the contrary, a report from CoinGape Media suggests that breaching the $0.55 threshold could potentially propel XRP towards the $0.8 mark, with further speculation mounting about a possible ascent to $1. Although several analysts attributed the broader market selloff to the recent dip in XRP price, the recent analysis reflects a potential recovery for the crypto ahead. 

Meanwhile, as of writing, the XRP price was down 4.47% to $0.525, after touching a high of $0.5516 in the last 24 hours. The crypto has added nearly 7% over the past week while witnessing a decline of about 17% over the last 30 days.

Also Read: Pro-Crypto Sarah Netburn Nominated As District Judge, Good News For Ripple?

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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.

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