Almost 25 million coins were transferred to a CEX by an XRP whale.
The selloff fueled speculation as XRP price began to rise after the dump.
The price of XRP surges, but a consolidation in the cryptocurrency space may be approaching.
An XRP whale’s massive transfer to a Luxembourg City-based CEX is gaining noteworthy traction among crypto market traders and investors globally in an intriguing turn of events following a recent correctory phase witnessed across the broader crypto market. The price of the Ripple-backed token regained upward momentum today, March 18. Following a significant selloff in the cryptocurrency market that saw Bitcoin plunge below $70,000, the cryptocurrency is recovering. XRP’s recent increase is consistent with the general upward trend that altcoins have seen in cryptocurrency.
The whale mentioned above’s significant 25.85 million XRP selloff sparked conjecture about the Ripple-backed token’s divergent pricing behavior today, as it increased despite supply increases on exchanges. This, in turn, generated a deluge of speculative chatter about XRP’s eagerly anticipated surge, maybe to hit the $1 mark shortly. Based on top analysts’ projections featured by CoinGape Media, there is already a tidal wave of anticipation in the larger crypto market regarding the token’s potential to reach $1.
A Closer Look at XRP Whale’s $25 million selloff
A well-known XRP whale, r4wf7enWPx…5XgwHh4Rzn, moved 24.85 million XRP, valued at $15.44 million, to Bitstamp yesterday, March 17, according to the insights provided by Whale Alert. In contrast, the token backed by Ripple experienced a surge in value after the whale’s significant selloff, reaching $0.62 today. Crypto market aficionados worldwide became quite curious about this and began to wonder if the whale dump would affect the price of XRP.
On the other hand, investors have been cautious due to the token’s sharp decline following its peak of $0.74. This is related to the recent correction in the price of Bitcoin, even though there are indications of a gradual recovery in the larger cryptocurrency market.
Even with the whale’s big dump to Bitstamp, XRP has maintained a stronghold at $0.62, which is crucial and might lead to further pumps if the token continues its upward trajectory. In the meantime, XRP gained much attention while maintaining a favorable trading position.
The Price of XRP Increases
As of this writing, the price of XRP is trading at $0.6266, up 2.84% over the previous day. The coin has demonstrated remarkable stability by remaining above $0.62, which has excited traders and investors worldwide.
According to CoinWeber Media’s analysis, XRP may surpass the $0.8 threshold soon if this encouraging trend continues. The Ripple-backed coin can break through the $0.9 resistance level with even more positive power, potentially setting the way for a quick rise to $1.
Though the RSI is now at 52, there are signs of an impending consolidating phase, as evidenced by XRP’s declining open interest, volume, and OI-weighted funding rate as of publication.
