In a captivating turn of events within the cryptocurrency landscape on March 19th, the crypto community witnessed a noteworthy occurrence: a significant sell-off orchestrated by an XRP whale amidst recent corrections in the market. This event has sparked considerable interest, especially as XRP resumed its bearish momentum following a remarkable surge in the preceding days.
The broader cryptocurrency market experienced a downturn, with Bitcoin slipping below the $70,000 mark, setting the stage for heightened speculation about XRP's future price action. Many are now questioning whether XRP will breach the critical $0.6 support level.
According to insights from blockchain tracker Whale Alert, a staggering 99.85 million XRP was offloaded to centralized exchanges (CEXs) since March 15th, coinciding with a significant market selloff. Notably, a prominent XRP whale known as ...Rzn initiated the sell-off by disposing of 50.40 million XRP on March 15th. The whale distributed 22.8 million and 27.60 million coins to Bitstamp and Bitso, respectively.
This selling spree continued over subsequent days.
On March 17th, the whale dumped 24.85 million XRP, valued at $15.44 million, onto Bitstamp. In a repeat move, the same address sold another 24.60 million XRP, worth $14.84 million, to the same CEX today. This influx of supply on CEXs has fueled speculation among crypto traders and investors worldwide.
These developments have further fueled concerns as XRP had already displayed bearish signals, with a notable 13.16% weekly decline.
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