On March 14, amidst a lawsuit with the SEC, Ripple Labs’ XRP token witnessed a dip below the $0.69 mark, despite recent gains. This decline prompted investors to scrutinize blockchain activities via Whale Alert, noticing substantial transfers of XRP which sparked discussions in the crypto community.
Whale Movements in the Market
Whale Alert observed three high-volume transactions involving XRP, coinciding with a market slump. Ripple and an anonymous entity moved a total of 177.5 million XRP to various recipients, including centralized exchanges. The largest transaction involved Ripple sending $95 million worth of XRP to a single recipient, while a known whale address carried out the other two transfers, sending sizeable amounts to Bitstamp and Bitso.
The community speculated that these transactions might indicate an upcoming sell-off by large holders. The market sentiment among these whales appeared to be divided, with some signs of negative trends continuing for XRP.
Market Indicators for XRP
Derivative market data suggested an ongoing decline for XRP. At the time of reporting, XRP’s value had dropped by 2.47% in the last day, which was echoed by a reduction in market cap and a significant decrease in 24-hour trading volume.
Open interest in XRP also fell according to Coinglass, alongside a sharp dip in trading volume. The combined data indicates a bearish outlook, causing some investors to exit their positions in anticipation of potential further declines.