Crypto aficionados have been watching Ripple’s native token XRP’s spectacular upside rise in recent days. Whale Alert, a whale transaction tracker, posted on X (previously Twitter) on November 24, 2024, alerting investors and traders that this rally may be ending.X reported that an XRP Whale Dump of 20 million tokens worth $27.24 million on Bybit, South Korea’s largest crypto exchange.
XRP Faces Market Instability Amid Whale Dump
XRP was floundering and the cryptocurrency market was in a slump when this enormous dump occurred.Recent blockchain activity signals XRP market instability. A huge whale transferred 30 million XRP tokens worth $27.2 million to an exchange, sparking concern about their intentions and the token’s future. This massive transaction occurred as XRP fell below $0.50, a psychological support level for investors.The post on X noted that an XRP whale had dumped 20 million tokens worth $27.24 million on Bybit, South Korea’s largest crypto exchange. However, this massive dump occurred during a period when the overall cryptocurrency market was in a correction phase, and XRP itself was struggling.
XRP Trading Surge and Bearish Pressure
The whale’s move increased XRP’s trading volume by almost 50% in 24 hours, indicating selling pressure. XRP’s negative RSI, currently 37.63, suggests overselling if the trend continues. XRP dropped to $0.4188 in April before recovering, demonstrating its volatility. Analysts are hoping for a $0.50 rebound to steady sentiment.The transaction increased XRP trading volume by 52.33% in 24 hours. A bearish mood accompanied the activity. A Relative Strength Index (RSI) of 37.63 indicates oversold conditions for XRP, which fell to $0.4925. XRP had achieved a high of $0.744 in March 2024 but has struggled to continue its momentum.
XRP’s Future Amid Whale Dumps & Legal Battles
Current holders worry about XRP’s price dropping further after the whale’s action. Whale sell-offs have historically caused market woes, as seen here. Bulls might lose faith if XRP can’t recover $0.50, and the coin could fall even deeper. The $27.2 million whale dump hasn’t dampened XRP’s cautiously optimistic long-term outlook.Although the recent huge sell-off has had an impact on XRP’s short-term price action, the ongoing developments surrounding its legal battle with the U.S. could potentially maintain its underlying value. Securities and Exchange Commission (SEC).
A successful case outcome could clarify regulations and increase institutional adoption. Ripple’s cross-border payment technology could change financial systems. Despite recent volatility, XRP’s prominence as a top cryptocurrency suggests long-term investors may see price drops as opportunities to accumulate. The market is vulnerable to whale movements, but growth depends on technology and adoption. Monitoring legal and market developments will help determine XRP’s destiny.
XRP Bearish Trend and Key Support Levels
Expert technical analysis shows XRP Whales Hold 47M Tokens producing a bearish evening star candlestick pattern near $1.40. XRP’s technical analysis shows a bearish trend after the whale dump of $27.2 million worth of tokens, leading to a significant drop in its priceLooking ahead, the next support level to watch is $0.40, a price point that could act as a potential floor for XRP. If the price breaks below this, further declines could occur, testing levels closer to $0.35. However, any reversal would depend on positive catalysts, such as regulatory clarity or a recovery in overall market sentiment. In the absence of such factors, the token could continue facing bearish momentum in the near term.
Bullish or Bearish
Besides whale behavior, readers may ask what merchants are doing. Traders are overly leveraged around $1.325 and $1.379, according to Coinglass’s on-chain analytics.At the bottom level of Coinglass’s exchange liquidation map, traders held long positions totaling $10.76 million, while at the top level, they held short positions totaling $12.41 million.Negativity has taken over the market as a result of worries over the $27.2 million whale dump of XRP tokens.
XRP lost key price support levels like $0.50 due to high selling pressure from the whale moving 30 million tokens to exchanges. If XRP receives regulatory clarity, especially from its SEC lawsuit, the situation may change. Positive developments could revive institutional interest, causing a long-term positive turnaround. While the immediate price movement is bearish, long-term investors may use this drop to accumulate before future rallies.
Current Price Momentum
At press time, XRP Fund Flows Rise 353% is approaching $1.38, down 7.10% in 24 hours. Trading volume fell 30%, indicating lower trader and investor activity than the day before.XRP fell after the whale’s $27.2 million token dump.After this enormous sell-off, trading volume rose, signaling volatility.The market is dismal and sellers dominate.XRP’s price momentum can be affected by external variables like SEC litigation development and regulatory clarity. Without these positive factors, XRP may fall. Investors should actively observe market movements before investing.
