In the latest XRP news, large investors, often referred to as whales, have sparked concern among the crypto community with their recent trading activity. Reports reveal that Ripple whales have offloaded a staggering 70 million XRP tokens in a short period, leading to a noticeable slump in the asset’s price. This massive sell-off has intensified discussions regarding the future of XRP and whether a crash is on the horizon.
Ripple Whales Dump 70M XRP
Market expert Ali Martinez recently pointed out that XRP whales have been aggressively dumping their holdings, offloading over 70 million XRP coins in recent days. This substantial sell-off has dampened investor sentiment, coinciding with a dip in XRP’s price. The trading volume has seen a drop, reflecting the cautious outlook from investors in response to the whales’ actions.
This market behavior has led to significant unease, as whales have historically influenced price movements. With XRP’s price trending lower, some analysts are now wondering if the cryptocurrency will face further downturns, especially as the market navigates uncertain conditions.
John Deaton Hints at Potential XRP Crash
Pro-XRP lawyer John Deaton added fuel to the fire during his appearance on the Thinking Crypto Podcast. When asked about the potential launch of an XRP ETF, Deaton shared his thoughts on XRP’s future, suggesting a significant price surge could occur before a potential crash. Drawing parallels with Bitcoin’s successful Spot ETF launch, Deaton believes Wall Street’s demand for alternative cryptocurrencies, including XRP, could drive the price up temporarily.
Deaton sees a potential rally to $7 or $8, which could position XRP ahead of Ethereum in the rankings. However, he predicts a downturn may follow after this surge, leaving some investors wary about XRP’s long-term outlook.
XRP’s Price Dip Amid Mixed Sentiment
Despite these bullish predictions, XRP is facing a slight price decline. Today, XRP saw a drop of over 3%, trading at $3, with a 7% decrease in trading volume. The price has fluctuated between $2.97 and $3.11, signaling cautious market sentiment. XRP Futures Open Interest has also decreased, further reflecting the prevailing uncertainty.
Nevertheless, experts like Dark Defender remain optimistic, predicting a potential rally to $4 if XRP can maintain its support above $3.07. Ripple CEO Brad Garlinghouse’s positive comments on XRP’s future have also helped sustain market confidence. However, the lingering concerns over whale activity and Deaton’s potential crash warning suggest that caution is still warranted.
As XRP continues to navigate these challenges, investors are left balancing hope for a price surge with the uncertainty of a potential crash.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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