Crypto News – Following recent high volatility in the cryptocurrency market, XRP has once again dropped below the $0.53 threshold. A significant whale dump has been noted for XRP amid the bearish shift.
Latest XRP News Update: How Will The Whale’s 27 Million Token Dump Affect The Price?
A sizable sell-off of Ripple’s XRP has reportedly been detected, per data from blockchain tracking platform Whale Alert. A whale just dumped over 27 million XRP tokens in one of the transactions, which coincided with the recent decline in price.
To Bitstamp, a cryptocurrency trading site situated in Luxembourg, the trader sent $27.7 million worth of XRP tokens. $14.48 million was exchanged in this trade. Furthermore, it’s critical to remember that Bitstamp has been the primary method used recently for XRP whale unloading.
A Falling Wedge Breakout Expected to Happen
Conversely, XRP Captain—a proponent of XRP—offered a forecast for the future performance of the XRP that is backed by Ripple. According to XRP Captain, the price of XRP is expected to drop below $0.50 soon. This indicates a departure from the current price trend of more than 5%.
Nevertheless, they pointed out that, following the significant decline, XRP is about to record a falling wedge breakout. This means that, even with the current price collapse, a positive rally is on the horizon. A 21% gain from the recent price range of roughly $0.52 is suggested by the chart that is attached to the report, which shows an XRP price explosion beyond $0.64.