IrmaXRP, the Ripple-backed cryptocurrency, saw significant whale activity as nearly 31 million XRP coins were offloaded to centralized exchanges amid a recent price recovery. This has raised investor concerns about future price movements.
đ XRP Whale Activity and Market Impact
Massive token dumps to exchanges are seen as bearish indicators, increasing supply and potentially lowering prices. Data from Whale Alert revealed a whale transferred 30.350 million XRP ($14.53 million) to Bitstamp and another CEX, causing bearish sentiments and increased selling pressure.
đ Current Market Conditions and Future Prospects
XRP's price is currently $0.4872, with a 24-hour trading volume of $661.7 million, reflecting a -0.38% decline in 24 hours and -2.04% over the past week. Despite the dip, positive news around the XRP Ledger (XRPL) and plans for a new stablecoin, RLUSD, have fostered cautious optimism.
đ Market Metrics
The futures open interest (OI) increased by 0.21% to $416.1 million, and derivatives volume jumped by 5.16%. The Relative Strength Index (RSI) near 47.04 indicates downside pressure but suggests a potential rebound if it moves into oversold territory.
Overall, while XRP faces current selling pressure, robust market interest and developments within XRPL could lead to future price recovery.
