Whales are reacting to Ripple XRP’s recent price drop, dumping 25 million coins to a new wallet amid XRP’s slump. According to data from Whale Alert, an XRP whale shifted 24.7 million XRP, worth $15.04 million, to a Luxembourg City-based centralized exchange, Bitstamp.
After a promising start to March, XRP is down $0.6022 in the past week. It is widely known that XRP has significantly underperformed compared to the broader crypto market. This is largely due to the ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Ripple, which has cast uncertainty over XRP’s regulatory status.
Also Read: Ripple Slumps Amidst Market Crash: Can XRP Hit $0.7 This Weekend?
However, today’s compromise between the SEC and Ripple Labs may prove crucial for the near future of XRP. Already today, XRP has rebounded to over $0.60. XRP still has ways to go to mimic the climb the asset saw in early March, but it’s not improbable.
The latest whale movements around Ripple XRP indicate bearish sentiment for the asset over the past week. Furthermore, Coinglass data illustrated a significant drop in open interest and volume. This hints at decreased market activity around XRP and reduced positive investor sentiment. As clarity regarding XRP’s future outlook improves, technical indicators suggest that traders may begin to shift their focus back to this high-potential but controversial asset.