{"id":548865,"date":"2023-08-25T23:00:06","date_gmt":"2023-08-25T23:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=548865"},"modified":"2024-06-11T08:00:20","modified_gmt":"2024-06-11T08:00:20","slug":"xrp-price-20-decline","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/xrp-price-20-decline\/","title":{"rendered":"XRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline"},"content":{"rendered":"

Back in July when Judge Analisa Torres first declared<\/a> XRP programmatic sales do not qualify as securities, the token price had rallied. However, now that the euphoria from the ruling has worn off and the United States Securities and Exchange Commission (SEC) has begun to fight back, the coin\u2019s price is correcting back downward, prompting massive sell-offs of the token.<\/p>\n

Whale Moves 29.3 Million XRP To Exchange<\/h2>\n

On-chain whale<\/a> tracker has flagged an XRP transaction that could spell bearish pressure for the price of the cryptocurrency. According to the post made on X (formerly Twitter), a single whale moved a total of 29.3 million tokens to a centralized exchange. The total stash of tokens which were worth a little over $15.13 million at the time were transferred to the Bitstamp exchange.<\/p>\n

Related Reading: Ethereum Whales Ready For Next Leg-Up After Buying 56,000 ETH<\/a><\/div>\n
\n

\ud83d\udea8 29,300,000 #XRP<\/a> (15,130,884 USD) transferred from unknown wallet to #Bitstamp<\/a>https:\/\/t.co\/DhcHkKNdzc<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) August 24, 2023<\/a><\/p><\/blockquote>\n

While large transactions like these are not new on the network<\/a>, the destination is what has raised concerns among investors. Usually, when investors move tokens to centralized exchanges such as Bitstamp<\/a>, it is to sell their tokens. This is because centralized exchanges offer lower fees and deeper liquidity, which also help to mitigate the impact of the selling.<\/p>\n

It is possible the whale has already begun selling the coins as the XRP price saw a quick dip around the time the transaction was made. But with such a large stash, further selling could see the price fall further with such sell pressure leading to as much as a 20% decline.<\/p>\n

Since the XRP price is already struggling, this bearish scenario becomes more likely, especially with the broader crypto market seeing widespread negative momentum and Bitcoin<\/a> struggling to recover. Another dip from here would easily see the XRP price fall to the $0.48 territory.<\/p>\n

\"XRP<\/p>\n

Token price struggles amid sell-off | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n
Is All Hope Lost For XRP Price?<\/h2>\n
Although the large $15 million move by the whale to Bitstamp is concerning, the bulls<\/a> have not taken it lying down. A couple of hours after the transaction was first seen on the blockchain, a massive buy of $1.5 million worth of XRP was reported on the Bybit exchange.<\/p>\n
\n
\ud83d\ude80\ud83d\udd25 JUST IN: A whopping 1.5 million $ worth of #XRP<\/a> was scooped up in an instant 10 minutes ago! Those twin green candles with massive wicks are signaling something BIG. \ud83d\udcc8 Brace yourselves, XRP fam – looks like a major pump is on the horizon! \ud83c\udf0a Who else is seeing this? Drop\u2026 pic.twitter.com\/o2gy965qqF<\/a><\/p>\n
\u2014 WallStreetBulls (@w_thejazz) August 25, 2023<\/a><\/p><\/blockquote>\n
Related Reading: Which Top Meme Coins Have Held Their Value Best Amid The Crypto Market Crash?<\/a><\/div>\n
The large buys led to two quick spikes in the XRP price, reaching $0.5311 briefly before going back downward. This signifies that there is a good amount of buy pressure on the digital asset that could help offset the whale selling.<\/p>\n
Interestingly, the token is still holding above the 200-day moving average<\/a> which suggests bullish sentiment, at least in the mid-term. So while a 20% can be expected due to the selling, the decline will likely not last before the digital asset picks back up.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Back in July when Judge Analisa Torres first declared XRP programmatic sales do not qualify as securities, the token price had rallied. However, now that the euphoria from the ruling has worn off and the United States Securities and Exchange Commission (SEC) has begun to fight back, the coin\u2019s price is correcting back downward, prompting massive sell-offs of the token. Whale Moves 29.3 Million XRP To Exchange On-chain whale tracker has flagged an XRP transaction that could spell bearish pressure for the price of the cryptocurrency. According to the post made on X (formerly Twitter), a single whale moved a total of 29.3 million tokens to a centralized exchange. The total stash of tokens which were worth a little over $15.13 million at the time were transferred to the Bitstamp exchange. Related Reading: Ethereum Whales Ready For Next Leg-Up After Buying 56,000 ETH \ud83d\udea8 29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps:\/\/t.co\/DhcHkKNdzc \u2014 Whale Alert (@whale_alert) August 24, 2023 While large transactions like these are not new on the network, the destination is what has raised concerns among investors. Usually, when investors move tokens to centralized exchanges such as Bitstamp, it is to sell their tokens. This is because centralized exchanges offer lower fees and deeper liquidity, which also help to mitigate the impact of the selling. It is possible the whale has already begun selling the coins as the XRP price saw a quick dip around the time the transaction was made. But with such a large stash, further selling could see the price fall further with such sell pressure leading to as much as a 20% decline. Since the XRP price is already struggling, this bearish scenario becomes more likely, especially with the broader crypto market seeing widespread negative momentum and Bitcoin struggling to recover. Another dip from here would easily see the XRP price fall to the $0.48 territory. Token price struggles amid sell-off | Source: XRPUSD on Tradingview.com Is All Hope Lost For XRP Price? Although the large $15 million move by the whale to Bitstamp is concerning, the bulls have not taken it lying down. A couple of hours after the transaction was first seen on the blockchain, a massive buy of $1.5 million worth of XRP was reported on the Bybit exchange. \ud83d\ude80\ud83d\udd25 JUST IN: A whopping 1.5 million $ worth of #XRP was scooped up in an instant 10 minutes ago! Those twin green candles with massive wicks are signaling something BIG. \ud83d\udcc8 Brace yourselves, XRP fam – looks like a major pump is on the horizon! \ud83c\udf0a Who else is seeing this? Drop\u2026 pic.twitter.com\/o2gy965qqF \u2014 WallStreetBulls (@w_thejazz) August 25, 2023 Related Reading: Which Top Meme Coins Have Held Their Value Best Amid The Crypto Market Crash? The large buys led to two quick spikes in the XRP price, reaching $0.5311 briefly before going back downward. This signifies that there is a good amount of buy pressure on the digital asset that could help offset the whale selling. Interestingly, the token is still holding above the 200-day moving average which suggests bullish sentiment, at least in the mid-term. So while a 20% can be expected due to the selling, the decline will likely not last before the digital asset picks back up. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":548867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[14781,4531,83637,13172,89223,86043,10972,78763],"class_list":["post-548865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-whales","tag-xrp","tag-xrp-news","tag-xrp-price","tag-xrp-sales","tag-xrp-whales","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nXRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline<\/title>\n<meta name=\"description\" content=\"Bow that the euphoria from the ruling has worn off and the SEC has begun to fight back, the XRP price is correcting back 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline","url":"http:\/\/wncen.com\/news\/ripple\/xrp-price-20-decline\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ripple\/xrp-price-20-decline\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1365598845-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1365598845-1.jpg?fit=2131%2C1406"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["whales","xrp","xrp news","xrp price","xrp sales","xrp whales","xrpusd","xrpusdt"],"dateCreated":"2023-08-25T23:00:06Z","datePublished":"2023-08-25T23:00:06Z","dateModified":"2024-06-11T08:00:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"XRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/xrp-price-20-decline\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/xrp-price-20-decline\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1365598845-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1365598845-1.jpg?fit=2131%2C1406\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"whales\",\"xrp\",\"xrp news\",\"xrp price\",\"xrp sales\",\"xrp whales\",\"xrpusd\",\"xrpusdt\"],\"dateCreated\":\"2023-08-25T23:00:06Z\",\"datePublished\":\"2023-08-25T23:00:06Z\",\"dateModified\":\"2024-06-11T08:00:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1365598845-1.jpg?fit=2131%2C1406","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548865"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548865"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548867"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}