XRP Price Retreats To $0.50 As Whale Unloads 30 Million Tokens – Details
February 05 2024 - 7:30AM
NEWSBTC
The recent surge in activity from a prominent XRP holder,
colloquially known as a “whale,” has reverberated across the
cryptocurrency market, eliciting a heightened sense of speculation
and uncertainty. This substantial player’s maneuvers within the XRP
ecosystem have sparked a cascade of reactions, prompting both
seasoned investors and casual observers to scrutinize and ponder
the potential implications for the future trajectory of the
Ripple-backed token. Related Reading: Meme Coin Blues: Nearly 70%
Of Shiba Inu Investors Underwater As Price Flops Large Transfer
Raises Eyebrows According to blockchain tracking platform Whale
Alert, a significant transaction involving 29 million XRP, worth
roughly $14.72 million, occurred earlier today. The XRP was
transferred from an unknown wallet address to a Luxembourg
City-based cryptocurrency exchange, Bitstamp. This substantial
movement coincided with a decline in XRP’s price, raising concerns
among investors and traders. Source: Whale Alert The term “whale”
is commonly used in the cryptocurrency space to describe
individuals or entities holding substantial amounts of a particular
digital asset. These entities possess the capacity to significantly
influence the market due to the sheer size of their holdings. In
the case of XRP, the actions of such a major holder have become a
focal point of attention, as they wield the power to sway market
sentiment and trigger a domino effect on XRP’s value and trading
dynamics. XRP currently trading at $0.50 on the 24-hour chart:
TradingView.com Price Slide And Derivatives Downturn At the time of
writing, XRP is trading at $0.50, down 1.7% over the past 24 hours
and 4.5% over the past week. Market capitalization and trading
volume have also dipped by 1.10% and 30%, respectively. This
downward trend aligns with the whale’s offloading, leading some to
believe it may be a contributing factor. Analyst Divergence
Opinions on the future of XRP vary among analysts. Some, like
24hrscrypto, predict a further decline, suggesting XRP could even
fall below Stellar (XLM) in value. Others, however, highlight the
upcoming February 12th deadline in the ongoing SEC vs. Ripple
lawsuit as a potential turning point. Legal expert Bill Morgan
suggests that Judge Analisa Torres may need to rule on the SEC’s
motion to compel before the deadline, potentially impacting the
case’s timeline and outcome. Related Reading: The $50K Quest:
Bitcoin Oracle’s Pre-Halving Proclamation Sparks Excitement Lawsuit
Looms Large The SEC vs. Ripple lawsuit, which began in December
2020, has had a significant impact on XRP’s price. While Ripple
scored a legal victory in July 2023 when Judge Torres ruled that
XRP itself is not a security, the case remains unresolved. The
upcoming February 12th deadline and potential rulings could
significantly impact market sentiment and XRP’s price trajectory.
The whale’s recent activity, coupled with the ongoing lawsuit and
broader market fluctuations, creates an uncertain outlook for XRP.
While some analysts predict further decline, others point to
potential catalysts like the lawsuit’s resolution. Investors are
advised to carefully consider all available information and conduct
their own research before making any investment decisions. Featured
image from Adobe Stock, chart from TradingView
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024