XRP Price Dips Below $0.53 as Massive Whale Offloads 28 Million Tokens

XRP, a cryptocurrency ranked among the top 6, is causing a stir in the crypto market. Today, a massive whale offloaded 27.95 million XRP to a Luxembourg City-based CEX, coinciding with the digital asset’s substantial drop below $0.53. The unknown wallet address r4wf7enWPx…5XgwHh4Rzn did this substantial transfer.

XRP already dipped below the $0.53 mark before the whale’s offload, thereafter, the downward trend remained, showing bearish sentiments for the token. Simultaneously, Coinglass derivatives data revealed a 2.44% dip in XRP’s open interest, supporting the pessimistic outlook on the cryptocurrency.

This event has left crypto enthusiasts worldwide worried, particularly after there was a light of hope from the recent optimistic predictions from top analysts regarding XRP. However, the substantial whale offloading, is just in time with the price decline, suggesting a potential bearish phase for XRP in the future.

XRP Whale, a crypto market analyst, predicts a surge in the token’s value over the next 48 hours, despite negative sentiment indicated by derivatives data and money exiting the futures market.

A prominent cryptocurrency market analyst named Dark Defender has recently made a bullish prediction about Ripple (XRP) which has caused excitement within the crypto community.

According to the analyst, Ripple could potentially reach a price of $1.88. Dark Defender also pointed out that the Fibonacci level had ended precisely at $0.5286, as they had anticipated. This, according to the analyst, indicates that Ripple can attain wave three targets of $1.88 and $5.85.

As of the latest update, XRP’s price has registered a 1.21% decrease in the past 24 hours, settling at $0.5238. This drop follows the recent excitement among traders and investors for the year 2024 when the price briefly surpassed the $0.53 mark.