XRP, a cryptocurrency backed by Ripple Labs, amassed considerable investor attention today, April 8, as its price retook a bearish turn. Coming in tandem with an XRP whaleโs 25 million tokens dump to a CEX, this bearish turn stirred a whirlpool of speculations surrounding the dumpโs potential impact on XRPโs price.
Meanwhile, as the broader crypto market witnesses a turbulent shift with the upcoming BTC halving, the tokenโs much-awaited potential $1 run in April appears to be shrouded in a cloud of enigma. Nonetheless, with news of BTC halving coming in earlier than expected, historical data showcasing altcoins mimicking BTCโs uptrend post-halving adds to the optimistic speculation on the Ripple-backed tokenโs price action ahead.
XRP Whaleโs 25 Mln Dump: Report
According to the data revealed by the blockchain tracker Whale Alert, 24.8 million XRP, worth $14.75 million, was shifted to Bitstamp by an unknown wallet, โฆRzn. This transaction promptly gained substantial traction throughout the global crypto horizon, as XRPโs price jotted a notable dip following the dump by the renowned XRP whale mentioned above.
Historical data illustrates that the abovementioned whaleโs transfer to Bitstamp emerged as a recurring phenomenon soon after Ripple strategically acquired stakes in the CEX. This stirred speculations over Rippleโs efforts to regulate the tokenโs supply in the market, in turn validating the price fall with supply gains on exchanges.
Further, the tokenโs on-chain data additionally mirrored todayโs price slip, with XRPโs derivatives data illustrating a loss of investor interest, accompanied by liquidations witnessed in the past 24 hours. Coupled with the whaleโs significant dump, these factors collectively reflected XRPโs bearish turn.
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XRP Price Tumbles
As of writing, the XRP tokenโs price slipped 0.62% in the past 24 hours and is currently trading at $0.5922. Notably, the tokenโs slip below $0.6 falls in line with the abovementioned whaleโs dump, adding a tint of bearish sentiments to XRP.
Meanwhile, Coinglass revealed a 1.16% decrease in the tokenโs open interest, whereas the OI-weighted funding rate continued a tumbled movement, resting at 0.0104% as of press time. This collectively showcased a downturn market trend for the token, further escorted by liquidations for XRP evaluating at $288.22K, with long positions at $244.27 and short positions at $43.95K.
Overall, the current market dynamics paint an unsure scenario of XRPโs capability to hit $1 in April. However, itโs worth noting that the highly volatile nature of the crypto landscape, further accompanied by the upcoming bullish event of BTC halving, may bring about a paradigm shift in XRPโs price action ahead. Additionally, renowned analysts continue to portray a retained sense of bullishness on the Ripple-backed tokenโs ability to hit $1 in April.
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