Massive whale XRP dumps have been witnessed over the last 24 hours, leading to a significant decline in the price of the coin. Recent data show that an unknown whale moved over 29 million XRP to a top centralized cryptocurrency exchange, signifying increasing sell-off activities.
Meanwhile, the global crypto market has also suffered notable losses. According to on-chain data, the crypto market lost 6.52% in valuation to rest at $3.11 trillion. Bitcoin, the flagship cryptocurrency, currently trades at $95k (-3.42%), while Ethereum, the leading altcoin, is changing hands at $2,588 (-15%).
29 Million XRP on the Move
Whale Alert, a popular large crypto transaction tracking platform, observed the significant movement and reported it on X (formerly Twitter). According to the report, an anonymous whale shifted exactly 29,532,534 (29.53 million) XRP coins, valued at a staggering $68.3 million, from a wallet labeled ‘unknown’ to the Coinbase exchange.
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This massive transaction has triggered concerns within the XRP community as members speculate the reason behind the dump. Interestingly, the transaction comes amid a notable decline in the price of XRP. The Ripple-backed coin recorded major dips over the last 24 hours.
At the time of writing, XRP sold at $2.36, representing a 13% decline in the last 24 hours. Thus, the said whale dump adds to major concerns about the future of the coin. The massive sell-off could be attributed to XRP’s short-term investors cashing in on accumulated profits.
Note that the XRP price has surged over 300% in the last three months, cementing it as one of the top-performing cryptocurrencies in the market. Thus, investors might be offloading parts of their holdings to secure profits.
Meanwhile, further investigation into this anonymous whale reveals that it has sent a substantial amount of XRP to the Coinbase exchange in recent times. The wallet was activated four years ago, in March 2021, proving that it has been a key player in the XRP market.
What’s Next For XRP?
Amid the downtrend, investors are still hopeful for a rebound. In fact, experienced traders see this as an opportunity to buy into the market at a discounted price. Note that XRP is still yet to break its all-time high of $3.4 reached in January 2018.
Consequently, analysts are predicting a significant upsurge at the end of this bearish trend, possibly shooting the XRP price above $4. According to our previous XRP price prediction, XRP is expected to trade as high as $5 this year, with an average price of $3.5.
Significant updates like a possible inclusion of XRP in a U.S. crypto reserve and potential approval of an XRP ETF could fuel XRP’s growth to tremendous heights this year. Investors continue to observe these outcomes and how the XRP trajectory will shape in the future.
Also Read: XRP Price Prediction 2025-2029: Will XRP Hit $3.5 Soon?
