XRP Price Defies Market Trend As Whale Dumps 52M Coins, What’s Next?

XRP Price Sees Volatility Amidst Whale Dump

Despite a broader crypto market showing signs of recovery, XRP, backed by Ripple, has experienced turbulent price action. While Bitcoin and altcoins such as ETH, SOL, and BNB gained value, XRP traded in the negative territory.

This price decline coincides with a significant whale dump of 52 million XRP to two centralized exchanges (CEXs). Whale Alert reported that the renowned XRP whale …Rzn transferred 52.27 million XRP, valued at $24.95 million, to Bitstamp and Bitso over the past day.

These transactions indicate increased selling pressure on XRP, contributing to its current price weakness. CoinGape has previously highlighted XRP's sluggish price movement in conjunction with whale dumps to similar exchanges.

Speculations have arisen that the address used for the dumps is linked to Ripple, but concrete evidence is yet to emerge. It's worth noting that these dumps have become a recurring pattern since Ripple acquired a stake in Bitstamp.

As XRP navigates price volatility, it has dipped after a favorable trading session in the positive zone.