XRP Whale Moves Over 30M Coins Amid Price Slip Below $0.5, What’s Next?

XRP, the Ripple Labs-backed cryptocurrency, is once again in the spotlight, grappling with intense market volatility. The token is facing a challenge to maintain its position above the $0.5 price level. In the midst of this price turbulence, a whale was spotted offloading nearly 30 million coins to a centralized crypto exchange. This transaction has triggered a wave of concerns among investors speculating over the asset’s future price trajectory.

Whale Dumps 30M Coins To Bitstamp: What’s The Scoop?

According to Whale Alert’s data, 30.32 million XRP, worth $15.07 million, was offloaded to Bitstamp, a Luxembourg City-based crypto exchange, today, June 10. The renowned XRP whale, Rzn, made this transaction.

Notably, the transfer of coins to Bitstamp increases the token’s market supply, thereby staging as a bearish factor for the asset. Aligning with this, XRP has struggled to break above the crucial support of the $0.5 despite a price jump in the past 24 hours.

The whale, Rzn, has been making repeated massive selloffs to Bitstamp, a phenomenon that CoinGape Media previously reported. This recurring pattern has sparked speculations about a possible link between the wallet and Ripple, particularly after Ripple’s stake acquisition in the CEX.

Meanwhile, it is also worth noting that Robinhood, another crypto trading platform, recently acquired Bitstamp.

Also Read: OKX Becomes Latest Victim Crypto Theft As SMS Notification Security Fails

XRP Price Jumps

Whereas, while writing, the XRP price noted 0.68% gains over the past day to $0.497. The token’s 24-hour lows and highs are $0.4937 and $0.5008, further underscoring the struggle to maintain a break above the $0.5 price level.

Coinglass data hinted at bearish market trends for the asset, as futures OI dipped 0.30% and derivatives volume plunged 36.31%. This underlines reduced investor interest, followed by a substantial decline in market activity orbiting XRP.

Besides, the RSI was somewhere around 38, painting a bearish outlook for the asset. These factors collectively validate the coin’s struggle to regain a break above the $0.5 price level, with bulls and bears fighting to take control.

Also Read: Crypto Prices Today June 10: BTC & Altcoins Regain Momentum, NOT & OM Top Gainers

The post XRP Whale Moves Over 30M Coins Amid Price Slip Below $0.5, What’s Next? appeared first on CoinGape.