XRP Plunges 14% as Whale Activity Sends Shivers Through the Market
XRP Takes a Dive as Whales Fuel Selling Pressure
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The cryptocurrency market has been experiencing a wave of bearish sentiment, with XRP feeling the brunt of the downturn. The digital asset has plummeted by a significant 14% in the past 24 hours, falling to the $0.52 level. This drop marks a substantial 21% decline from its recent peak of $0.66.
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On-chain data reveals that large transactions, commonly associated with whales, have been flooding exchanges, potentially contributing to the sell-off. Whale Alert, a cryptocurrency transaction tracker, has identified several massive XRP transfers over the past day.
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Whale Transactions Point to Selling Pressure
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One notable transaction involved a whale moving a staggering 17,940,000 XRP, worth around $10.3 million at the time of transfer, from an unknown wallet to an address linked to the cryptocurrency exchange Bitstamp. This type of transfer, known as an exchange inflow, suggests that the whale may be preparing to sell their XRP holdings.
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Three other XRP whale transactions, totaling a combined $37.9 million, were also observed, further reinforcing the potential for selling pressure. While it’s possible that these transfers were not solely for selling purposes, the coinciding price drop makes a bearish scenario highly plausible.
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While the exact intentions of the whales remain unclear, the influx of XRP to exchanges is a significant indicator that could be driving the current downturn. As the market grapples with these large transactions, it remains to be seen how XRP will navigate this turbulent period.
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Stay tuned for further updates as the situation unfolds.