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XRP whales dump 130 mln tokens in a day, price falls 26% – What now?
The cryptocurrency market has been experiencing intense volatility over the past few hours as XRP faces significant selling pressure. Over 130 million XRP were offloaded by whales within a single day, leading to a sharp decline of 26.14%. This sudden dump has not only eroded investor confidence but also raised concerns about the future trajectory of this cryptocurrency.
The whale movements have had an adverse effect on XRP’s market dynamics. The large-scale sell-offs are likely to trigger a cascading effect, causing smaller traders to panic and sell their tokens to minimize losses. This, in turn, would further exacerbate the price drops.
Moreover, DEX data is indicating bearish momentum with a low buy-sell ratio over the past 16 hours. Such widespread selling pressure could potentially lead to further price weakness if it persists. For buyers to re-enter the market and stabilize XRP’s trajectory, this sentiment must change.
The number of active XRP addresses has decreased in recent times, signifying a slowdown in trading activity. Fewer active addresses can lead to more volatile price movements due to the reduced transaction volume. However, if this trend reverses and active addresses rise, it could signal renewed investor interest and potential price stabilization.
In conclusion, XRP’s market is currently being dominated by heavy selling pressure from whales, escrow releases, and bearish technical indicators. The MACD has signaled further downside potential, reinforcing the bearish outlook. While long-term investors might see this correction as an opportunity to accumulate more tokens, it remains unclear whether buyers will step in to counteract this selling pressure.
The future trajectory of XRP’s price is still uncertain and heavily dependent on how market confidence recovers from this intense sell-off.
Source: ambcrypto.com
