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XRP Whale’s $76M Dump Fuels Questions – What Next?
In a shocking turn of events, it has come to light that a crypto whale dumped approximately 30.17 million XRP tokens, valued at a staggering $76.34 million on January 12th. This massive sell-off has sent shockwaves throughout the cryptocurrency market, leaving many investors and analysts alike scrambling for answers.
According to blockchain transaction tracker Whale Alert, the colossal dump has triggered bearish activity and prompted significant short positions, resulting in a price decline on the charts. It’s essential to note that this isn’t an isolated incident; other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have also taken a hit.
The most intriguing aspect of this news is the 34 million XRP Binance’s reserves grew over the last 48 hours, indicating that whales and long-term holders are either selling their holdings or preparing for token swapping. This information has sparked concern among market enthusiasts, as it may signal a more substantial sell-off in the near future.
In the wake of this dramatic dump, some experts have predicted a potential price decline of up to 20%, with XRP potentially hitting $1.92 if the daily candle closes below $2.30. Should this prediction come true, it would represent a significant downturn for the cryptocurrency.
Furthermore, market sentiment may shift following President-elect Donald Trump’s inauguration on January 20th.
Source: ambcrypto.com
