Ripple Whales Dump 70M Coins As John Deaton Hints At Price Crash

In the latest XRP news, the large investors, also known as whales, have caught the markets’ attention with their recent trading activity. According to reports, Ripple whales have offloaded a staggering 70 million tokens recently, causing a slump in the asset’s price. In addition, it also comes as pro-XRP lawyer John Deaton recently hinted towards a potential XRP crash ahead.

XRP News: Ripple Whales Offload 70M Coins

The Ripple whales have stolen the spotlight with recent reports showing a massive dump by large investors. Top market expert Ali Martinez recently highlighted the dump trading strategy of the whales, which has ignited significant discussions in the market.

According to Martinez, XRP whales have offloaded more than 70 million coins over the past few days, dampening the investors’ sentiment. Notably, this also comes in tandem with the recent dip in XRP price, signaling the cautious sentiment of the investors.

Pro-XRP lawyer John Deaton Hints At XRP Crash

In a recent Thinking Crypto Podcast, Tony Edward asked pro-XRP lawyer John Deaton if he thinks that XRP ETF will be launched anytime soon. This comes amid soaring ETF applications for a flurry of altcoins this week, including XRP, Litecoin, Dogecoin, and others.

Commenting on that, John Deaton predicted a potential crash for XRP, but not before a significant surge. Deaton cited the success of the Bitcoin Spot ETF, suggesting that Wall Street’s greed will drive demand for other cryptocurrencies, including XRP.

Meanwhile, Deaton believes that XRP, currently the third-largest crypto asset, has a good chance of surpassing Ethereum, potentially reaching $7 or $8 before a downturn.

Deaton’s comments offer a nuanced view of XRP’s future prospects, hinting at a short-term rally before a potential crash. Besides, his comment also echoes the sentiment of other experts, who recently predicted XRP to flip Ethereum ahead.

XRP Price Dips Amid Despite Bullish Outlooks

XRP price today was down over 3% and traded at $3, with its trading volume falling 7% to $4.3 billion. The crypto has rested between the $2.97 and $3.11 mark over the last 24 hours, signaling the cautious approach of the investors. Besides, XRP Futures Open Interest fell 3%, reflecting the current downturn sentiment in the market.

However, despite that, experts remain optimistic about the future trajectory of the coin. For context, in a recent analysis, top expert Dark Defender predicted a potential XRP rally to $4 as long as it holds above the brief $3.07 support.

Meanwhile, crypto analyst CasiTrades warned that XRP needs to hold above the $2.93 and $3 price levels for the crypto to sustain its bullish momentum. She added that a new low below $2.66 could force a reconsideration of the bullish setup for the crypto.

In addition, it also comes after Ripple CEO Brad Garlinghouse highlighted positive XRP news, which has further fueled market confidence. Having said that, it appears that XRP is poised to hit new highs in the coming days. Despite that, investors remained cautious given the recent XRP whales dump and John Deaton’s hint towards a potential crash 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.
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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.