Ripple Whale Dumps 42M XRP: Will XRP Price Dip Below $0.60?
Concern has risen due to the movement of large quantities of Ripple, leading speculations that the price might fall below $0.60. Is this a buying opportunity or a sign of further decline? Will the XRP price dip below $0.60? The movement of substantial amounts of Ripple has definitely caused a fear that the price will dip below $0.60.
XRP Whale Activity and Price Impact
On August, Ripple whales executed a significant sell-off, dumping over 106.2 million XRP tokens worth $60.55 million onto major centralized exchanges like Binance, Bitso, and others. More recently, a separate dump of 42M XRP has intensified anxieties about XRP's immediate price trajectory. This activity is fueling the question: could we see XRP plummet below the critical $0.60 level?
According to reports, Ripple whales have offloaded a staggering 70 million tokens recently, causing a slump in the asset’s price. In addition, it also comes as pro-XRP sentiments face increased scrutiny.
Retail Investors Buy the Dip as Whales Reduce Holdings
XRP whales reduce holdings amid price consolidation as retail investors buy the dip. While large-wallet investors appear to be reducing their XRP positions, retail investors are seeing this as an opportunity to accumulate at lower prices. This dynamic could create a tug-of-war between selling pressure from whales and buying support from retail investors, ultimately influencing the direction of XRP's price.
Bullish Signals Amidst Uncertainty: RLUSD Launch and Technical Analysis
Despite the whale activity and short-term price volatility, there are also bullish signals for XRP. Ripple’s RLUSD launch and bullish technicals hint at a potential breakout to $4.03. The anticipated launch of Ripple's stablecoin, RLUSD, could inject fresh capital and utility into the XRP ecosystem. Furthermore, technical analysis suggests the potential for a significant price breakout if XRP can overcome key resistance levels.
XRP Price Action: Holding Above $0.60 (For Now)
Ripple (XRP) posts a second consecutive session of losses on Monday, dipping under the key psychological support of $0.60, as large-wallet investors seem to have. While XRP has tested the $0.60 support level, it has managed to hold above it (at the time of writing). The coming days and weeks will be crucial in determining whether XRP can maintain this level or succumb to further selling pressure. Monitor price charts closely and stay informed about market developments to make informed investment decisions.