{"id":303867,"date":"2024-05-17T12:35:33","date_gmt":"2024-05-17T07:05:33","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=303867"},"modified":"2024-05-17T12:35:33","modified_gmt":"2024-05-17T07:05:33","slug":"whale-moves-56m-coins-amid-price-fluctuations-whats-next-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/whale-moves-56m-coins-amid-price-fluctuations-whats-next-crypto-news\/","title":{"rendered":"Whale Moves 56M Coins Amid Price Fluctuations, What’s Next? – Crypto News"},"content":{"rendered":"

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Against the backdrop of a consolidation witnessed by XRP, a cryptocurrency backed by Ripple Labs, whale activity surrounding the token has once again nabbed significant attention among crypto market participants. Per on-chain data surfacing across the global crypto horizon, it was brought to attention that a renowned XRP whale has offloaded nearly 56 million coins to CEXs<\/a> in the past 24 hours, causing a stir in the crypto community.<\/p>\n

The whale transactions, which involved significant XRP dumps to exchanges, have sparked a wave of bearish sentiment towards the token\u2019s cryptographic venture. Here\u2019s a detailed report on the factors contributing to the current bearishness surrounding the Ripple-backed token.<\/p>\n

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XRP Whale Dumps Raise Concerns<\/h2>\n

According to the on-chain insights offered by Whale Alert, 56.01 million XRP was moved over the past day through a couple of transactions. Intriguingly, both the transactions were done by the same prominent XRP whale, \u2026Rzn.<\/p>\n

The first transaction illustrated that 29.98 million XRP was moved to Bitso, a Mexico City-based CEX, Meanwhile, the second transaction highlighted that 26.03 million XRP was shifted to Bitstamp, a Luxembourg City-based CEX.<\/p>\n

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These transactions underscored an increased selling pressure on the Ripple-backed token in the market, falling in line with its tumbled price action today. Whereas, on-chain data further added a bearish tint to the 7th largest cryptocurrency by market cap.<\/p>\n

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Also Read: Crypto Prices Today May 17: Bitcoin & Ethereum Retreat, Chainlink Rallies 13%<\/a><\/strong><\/p>\n

XRP\u2019s Price Tumbles<\/h2>\n

As of writing, XRP\u2019s price<\/a> has fallen 0.54% in the past 24 hours and is currently resting at $0.5161. The token\u2019s 24-hour trading volume dipped 9.34% to $1.09 billion, accompanied by a market cap slip of 0.69% to $28.52 billion. This further underlined the Ripple-backed token\u2019s current bearish movement in the market.<\/p>\n

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Coinglass data adds to this bearish stance, indicating a market downtrend for XRP<\/a>. The token\u2019s open interest dipped 1.93% to $570.17 million, whereas the derivatives volume slipped 5.66% to $795.95 million. This further spotlights a sense of reduced investor interest in XRP. However, the RSI stood near 47, signaling that the asset is neither overbought nor oversold.<\/p>\n

Also Read: Shiba Inu Coin: Whale Dumps 199B SHIB To Coinbase, What\u2019s Next?<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Against the backdrop of a consolidation witnessed by XRP, a cryptocurrency backed by Ripple Labs, whale activity surrounding the token has once again nabbed significant attention among crypto market participants. Per on-chain data surfacing across the global crypto horizon, it was brought to attention that a renowned XRP whale has offloaded nearly 56 million coins […]<\/p>\n","protected":false},"author":2,"featured_media":246545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-303867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/303867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=303867"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/303867\/revisions"}],"predecessor-version":[{"id":303870,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/303867\/revisions\/303870"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/246545"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=303867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=303867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=303867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}