Whales Move 64 Million XRP As Price Struggles Below $0.49; Will the Decline Continue?

Amid the recent market downturn, XRP has dipped below the $0.49 support level, consolidating around the $0.48 price range. This price decline coincides with significant whale movements involving almost 65 million XRP tokens to and for centralized exchanges in the past 24 hours. 

The whale movements resulted in mixed sentiments among investors, presenting significant buying and selling pressure on XRP. Below are details of XRP’s market outlook and on-chain data.

XRP Whale Movements Create Market Uncertainty

Whale Alerts reported two separate whale transactions involving the transfer of 64.54 million tokens. While one whale address was accumulating XRP tokens, another was dumping them.

According to the report, one whale, arG6FaeYh, purchased 32.89 million XRP worth $15.75 million from Binance. Conversely, another whale address, 5XgwHh4Rzn, sent 31.65 million XRP tokens worth $15.14 million to Bitstamp. 

Notably, the address 5XgwHh4Rzn has been active in the XRP ecosystem and often transfers tokens to the Bitstamp exchange and Bitso. However, the first whale address, arG6FaeYh, recently began accumulating XRP tokens after it slipped below $0.5.

Both whales are on opposite sides, sparking mixed reactions among market participants. Amid these uncertainties, XRP took the fall, exhibiting heightened volatility while playing in the red. 

Crypto Analysts Remain Bullish; What’s Next?

Despite the recent pullback, renowned crypto analyst EGRAG is bullish on XRP. According to EGRAG, XRP will soon break out and reach $1, eventually rallying to the $6.5-$7.5 price range in the longer timeframes. He believes this range is critical, and long-term holders will likely profit from it.

In addition, EGRAG urged the XRP Army to stay strong. He trusts that XRP can rise to mid-double-digits ($25-$45) as long as other coins pump first. The analyst bets 100% on XRP.

Similarly, Dark Defender stated that XRP’s price mirrors a similar phase in 2017 before it peaked at $3.82. He says XRP has broken above its support on the weekly timeframe and approaches the oversold region, a sign of a price reversal.

Dark Defender was more conservative in his predictions, tipping XRP to rally above $0.6640 and $1. XRP has formed a green candle on the daily chart after facing rejection at the $0.49 price level and dipping below critical support levels.

Also, the lower wick of today’s candle is touching the $0.46 support level, confirming sellers’ dominance in the market. Additionally, XRP is trading close to the lower band of the Donchian Channel (DC), which confirms the bearish sentiment. The RSI is 40.13 and approaches the oversold area. 

An oversold market condition typically introduces a buy-the-dip opportunity, often allowing investors to accumulate coins ahead of the next bullish phase. Therefore, based on ongoing market dynamics, XRP will likely rebound once it enters the oversold region and buyers re-enter the market.