XRP Whales Dump 81M Coins; Ripple (XRP) Price To Lose $2 Support?

The XRP whales appear to be offloading their holdings amid the recent price dip of nearly 3% today. Notably, these latest dumps have added pressure over Ripple’s native asset while dampening the broader market sentiments despite the recent positive developments. So, here we explore the latest whale or large investors’ movement and will take a look at what lies ahead for the crypto amid the ongoing volatility.

XRP Whales Dump 60M Coins

In the latest developments, XRP whales have offloaded more than 81 million coins to exchanges, sparking market concerns over the waning risk-bet appetite of the investors. According to Whale Alert data, a whale, identified by the address “r9ZMd…eKD9c”, has offloaded 29.53 million coins to the leading crypto exchange Coinbase in the last 24 hours.

Simultaneously, another whale with the address “rGdKQ…Enp1k” has moved nearly 52 million coins to Bybit, further dampening the market sentiment. However, contradicting the current moves, a whale has accumulated 20 million XRP from Gemini recently. This move resonates with a prior XRP investor accumulation of a similar transaction that took place last week.

XRP Price To Lose $2 Support?

With this recent offloading, investors grew concerned over the future trajectory of Ripple’s native asset price. Amid this, a top expert CasiTrades said that the crypto risks falling to below the $2 mark if the bears dominate the market.

Meanwhile, in a recent analysis, CasiTrades said that the XRP price is likely to continue its upward run if it holds above the $2.82 support. However, when a user inquired if the crypto breaks down below the level, what levels the investors should consider next, the crypto expert said “$2.18 or $1.96.”

This indicates that the crypto risks falling below $2 if it fails to hold the crucial support level ahead. Furthermore, it also raises concern amid the ongoing XRP whale dump, which has already weighed on the traders’ sentiment.

What’s Next For Ripple Price?

XRP price today was down about 3% and traded at $2.48, while its one-day trading volume jumped 70% to $3.99 billion. Notably, the crypto has touched a 24-hour high and low of $2.6 and $2.44, respectively. Further, XRP Futures Open Interest dropped nearly 2.5%, indicating the waning confidence of the traders.

However, despite that, the experts remained optimistic about the long-term trajectory of the coin. For context, in a recent analysis on X, Rose Premium Signals said that if XRP price breaks above the $2.75 level, it could target the $4.95 next.

Echoing a similar sentiment, EGRAG CRYPTO said that if Ripple price holds the $2.65 support, it is likely that the crypto will continue its upward run ahead. Having said that, it appears that despite the latest XRP whale dumps and other uncertainties, the crypto is poised to continue its rally ahead. Besides, a recent XRP price report also indicates a potential rally for the crypto to $5 ahead.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: 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.