Increasing selling pressure from whales threatens XRP’s price stability as significant transfers to major exchanges occur.
Worsening Situation for XRP
XRP faces a challenging environment as selling pressure rises significantly. The price of XRP has seen a substantial decline today, indicating bearish market control. Over the past few days, it has emerged as one of the poorest performers among cryptocurrencies. While Bitcoin (BTC) and others experienced some price drops, XRP’s declines stand out.
Whales Increasing Selling Pressure
As market sentiment shifts negatively, XRP whales appear to be losing confidence. Recent data from the crypto tracking service Whale Alert reveals significant transfers of XRP to top crypto exchanges. These transfers could signal potential sales, further fueling bearish sentiment in the market. Traders and investors are now concerned about the near-term price outlook.
Major Transfers Detected
The first of three notable transfers involved a significant investor moving approximately 17.94 million XRP tokens from a private wallet to Bitstamp. This transaction is valued at around $10.2 million based on the current XRP price. Shortly after this transfer, Whale Alert recorded another large movement from a different investor.
More Transfers to Bitso
The second transfer involved approximately 22 million tokens sent to the trading platform Bitso. This transfer, also from a private wallet, is currently valued at around $11.7 million. Such movements reinforce the idea that significant investors are looking to sell their holdings, adding to the selling pressure on XRP.
Binance Receives a Third Transfer
In a further development, Whale Alert detected a third substantial transfer of around 20 million XRP tokens. This transfer went from a private wallet to Binance, the largest cryptocurrency exchange in the market. Valued at approximately $10.7 million, this transfer contributes to the overall concern regarding its price trajectory.
Total XRP Transferred
In total, almost 60 million tokens have been transferred to three prominent crypto exchanges. These transfers carry a combined value of about $32.6 million. The selling pressure from these transactions adds to the downward pressure on XRP’s price.
Current Market Performance
As of now, XRP trades at approximately $0.5177. The cryptocurrency has suffered a significant crash of 11.59% within the last 24 hours. The overall market sentiment indicates a grim outlook as bears remain in control.
Potential for Further Losses
The ongoing selling pressure from whales raises serious concerns for the future price of XRP. If these trends continue, market analysts fear that XRP may face additional losses. The uncertainty surrounding its price stability leaves many investors on edge.
What’s Next?
Investors and traders are closely monitoring the developments surrounding XRP. The significant transfers to major exchanges may lead to further declines in price if whales continue to sell. The crypto community remains cautious as they assess the impact of these recent activities on its future.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
