Whale Transfers 56 Million XRP Amid Price Volatility – Will XRP Ever Recover?

In the middle of a challenging era in XRP, attention has once more shifted to significant whale activity surrounding the token.

Sophia Cruz•Friday, May 17, 2024•1 min read

In the middle of a challenging era in XRP, attention has once more shifted to significant whale activity surrounding the token.

Whale Transfers 56 Million XRP Amid Price Volatility – Will XRP Ever Recover?

According to on-chain data circulating within the global crypto sphere, it has been highlighted that a prominent XRP whale has recently transferred approximately 56 million coins to centralized exchanges (CEX) within the last 24 hours, sparking discussion within the crypto community.

The whale transactions, characterized by massive XRP dumps on exchanges, have triggered a wave of bearish sentiment toward XRP’s cryptographic journey.

As per on-chain insights by Whale Alert, a total of 56.01 million XRP was transferred within the last 24 hours across two transactions. Interestingly, both transactions were initiated by the same notable XRP whale, identified as …Rzn.

The first transaction involved the transfer of 29.98 million XRP to Bitso, a Mexico-based CEX. Meanwhile, the second transaction includes 26.03 million XRP being moved to Bitstamp, another CEX based in Luxembourg City.

As a result, these transactions highlighted a rise in selling pressure on the Ripple-backed token in the market, aligning with its recent price decline. Moreover, on-chain data contributed to the bearish outlook surrounding XRP.

At this time of writing, XRP is trading at $0.52, showing a 0.53% increase over the last 24 hours. XRP’s 24-hour trading volume has decreased by 5.79% to $1.12 billion, along with a slight increase in market capitalization by 0.40% to $28.80 billion. These figures further emphasize the market’s current bearish trend of the Ripple-backed token.

According to Coinglass data, there’s a continuation of the bearish trend for XRP, with the token’s open interest decreasing by 1.93% to $570.17 million. Additionally, the derivatives volume saw a decline of 5.66% to $795.95 million, indicating reduced investor interest in XRP. However, the Relative Strength Index (RSI) remained close to 47, suggesting that the asset is currently neither overbought nor oversold.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.