{"id":601926,"date":"2024-04-08T06:50:28","date_gmt":"2024-04-08T06:50:28","guid":{"rendered":"https:\/\/wncen.com\/?p=601926"},"modified":"2024-06-12T09:31:50","modified_gmt":"2024-06-12T09:31:50","slug":"xrp-price-drops-after-massive-whale-dump-casting-doubt-on-1-target-in-april","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/xrp-price-drops-after-massive-whale-dump-casting-doubt-on-1-target-in-april\/","title":{"rendered":"XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:337\">It is now doubtful that the Ripple Labs cryptocurrency, XRP, would be able to hit the much-anticipated $1 price objective this month as its pricing has taken a negative swing today.<\/p>\n<p data-sourcepos=\"3:1-3:337\">The market&#8217;s general unease over the impending Bitcoin halving and a significant transfer of <a href=\"https:\/\/www.coingecko.com\/\" target=\"_blank\" rel=\"noopener nofollow\">XRP tokens<\/a> by a whale also correspond with this fall.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/fear-grips-xrp-market-as-liquidations-top-6-million-details\/\" target=\"_blank\" rel=\"noopener \">Fear Grips XRP Market As Liquidations Top $6 Million \u2013 Details<\/a><\/div>\n<h2 data-sourcepos=\"5:1-5:41\"><strong>Whale Offloads Millions Of Tokens<\/strong><\/h2>\n<p data-sourcepos=\"7:1-7:342\">Data from from blockchain tracker Whale Alert shows that an unknown wallet transferred nearly 25 million XRP tokens worth $14.75 million, to the cryptocurrency exchange Bitstamp. This transaction sparked speculation within the crypto community, with many attributing the subsequent price dip to the whale&#8217;s sell-off.<\/p>\n<p data-sourcepos=\"9:1-9:399\">The timing of this transfer is particularly noteworthy as it follows a pattern observed in the past. When Ripple Labs strategically acquired stakes in cryptocurrency exchanges, similar whale movements to these exchanges were witnessed.<\/p>\n<p data-sourcepos=\"9:1-9:399\">This led some to believe that Ripple might be attempting to manage the altcoin&#8217;s market supply, potentially causing price fluctuations through controlled exchange inflows.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8 24,880,000 <a href=\"https:\/\/twitter.com\/hashtag\/XRP?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#XRP<\/a> (14,752,878 USD) transferred from unknown wallet to <a href=\"https:\/\/twitter.com\/hashtag\/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitstamp<\/a><a href=\"https:\/\/t.co\/wdX27lI223\" rel=\"nofollow\">https:\/\/t.co\/wdX27lI223<\/a><\/p>\n<p>\u2014 Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/09389736?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 7, 2024<\/a><\/p><\/blockquote>\n<h2 data-sourcepos=\"11:1-11:38\"><strong>Bearish Sentiment Grips XRP Market<\/strong><\/h2>\n<p data-sourcepos=\"13:1-13:473\">Further contributing to the price decline were signs of dwindling investor interest in XRP. On-chain data revealed a decrease in activity related to its derivatives, suggesting a potential drop in investor confidence.<\/p>\n<p data-sourcepos=\"13:1-13:473\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/qCc8AJWf\/\" width=\"2475\" height=\"1163\"><\/p>\n<pre style=\"text-align: center\" data-sourcepos=\"13:1-13:473\">XRP market cap now at $32 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a>.<\/pre>\n<p data-sourcepos=\"13:1-13:473\">Additionally, <a href=\"https:\/\/www.coinglass.com\/currencies\/XRP\" target=\"_blank\" rel=\"noopener nofollow\">data from Coinglass<\/a> showed a decrease in open interest for XRP futures contracts, alongside liquidations exceeding over $280,000 within a single day. These indicators collectively paint a picture of a bearish market sentiment surrounding the digital asset.<\/p>\n<pre style=\"text-align: center\" data-sourcepos=\"13:1-13:473\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-601946\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_807904.jpg?resize=1024%2C246\" alt=\"\" width=\"1024\" height=\"246\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_807904.jpg?w=1242 1242w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_807904.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_807904.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_807904.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_807904.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_807904.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\">Source: <a href=\"https:\/\/www.coinglass.com\/currencies\/XRP\" rel=\"nofollow\">Coinglass<\/a><\/pre>\n<h3 data-sourcepos=\"15:1-15:51\"><strong>Bitcoin Halving Throws Uncertainty Into The Mix<\/strong><\/h3>\n<p data-sourcepos=\"17:1-17:463\">The upcoming Bitcoin halving, an event that significantly reduces the number of new Bitcoins entering circulation, has injected uncertainty into the broader cryptocurrency market.<\/p>\n<p data-sourcepos=\"17:1-17:463\">While historically such events have led to price increases for Bitcoin, the short-term impact on altcoins like XRP remains unclear. Some analysts believe the crypto could benefit from a post-halving Bitcoin surge, while others anticipate a more complex interplay between the two currencies.<\/p>\n<h3 data-sourcepos=\"19:1-19:36\"><strong>Can XRP Still Reach $1 In April?<\/strong><\/h3>\n<p data-sourcepos=\"21:1-21:516\">The recent price drop undoubtedly makes the $1 target for XRP in April seem less attainable. However, dismissing the possibility entirely might be premature. The cryptocurrency market is known for its volatility, and unforeseen events could trigger a rapid price increase for the coin.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/xrp-battle-cry-must-rally-70-to-reconquer-1-peak-after-market-turmoil\/\" target=\"_blank\" rel=\"noopener \">XRP Battle Cry: Must Rally 70% To Reconquer $1 Peak After Market Turmoil<\/a><\/div>\n<p data-sourcepos=\"21:1-21:516\">Moreover, some analysts retain their optimistic outlook, believing that the bullish sentiment surrounding the token, coupled with the potential tailwinds from the Bitcoin halving, could still propel XRP towards the coveted $1 mark.<\/p>\n<p data-sourcepos=\"23:1-23:396\"><em>Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is now doubtful that the Ripple Labs cryptocurrency, XRP, would be able to hit the much-anticipated $1 price objective this month as its pricing has taken a negative swing today. The market&#8217;s general unease over the impending Bitcoin halving and a significant transfer of XRP tokens by a whale also correspond with this fall. Related Reading: Fear Grips XRP Market As Liquidations Top $6 Million \u2013 Details Whale Offloads Millions Of Tokens Data from from blockchain tracker Whale Alert shows that an unknown wallet transferred nearly 25 million XRP tokens worth $14.75 million, to the cryptocurrency exchange Bitstamp. This transaction sparked speculation within the crypto community, with many attributing the subsequent price dip to the whale&#8217;s sell-off. The timing of this transfer is particularly noteworthy as it follows a pattern observed in the past. When Ripple Labs strategically acquired stakes in cryptocurrency exchanges, similar whale movements to these exchanges were witnessed. This led some to believe that Ripple might be attempting to manage the altcoin&#8217;s market supply, potentially causing price fluctuations through controlled exchange inflows. \ud83d\udea8 24,880,000 #XRP (14,752,878 USD) transferred from unknown wallet to #Bitstamphttps:\/\/t.co\/wdX27lI223 \u2014 Whale Alert (@whale_alert) April 7, 2024 Bearish Sentiment Grips XRP Market Further contributing to the price decline were signs of dwindling investor interest in XRP. On-chain data revealed a decrease in activity related to its derivatives, suggesting a potential drop in investor confidence. XRP market cap now at $32 billion. Chart: TradingView. Additionally, data from Coinglass showed a decrease in open interest for XRP futures contracts, alongside liquidations exceeding over $280,000 within a single day. These indicators collectively paint a picture of a bearish market sentiment surrounding the digital asset. Source: Coinglass Bitcoin Halving Throws Uncertainty Into The Mix The upcoming Bitcoin halving, an event that significantly reduces the number of new Bitcoins entering circulation, has injected uncertainty into the broader cryptocurrency market. While historically such events have led to price increases for Bitcoin, the short-term impact on altcoins like XRP remains unclear. Some analysts believe the crypto could benefit from a post-halving Bitcoin surge, while others anticipate a more complex interplay between the two currencies. Can XRP Still Reach $1 In April? The recent price drop undoubtedly makes the $1 target for XRP in April seem less attainable. However, dismissing the possibility entirely might be premature. The cryptocurrency market is known for its volatility, and unforeseen events could trigger a rapid price increase for the coin. Related Reading: XRP Battle Cry: Must Rally 70% To Reconquer $1 Peak After Market Turmoil Moreover, some analysts retain their optimistic outlook, believing that the bullish sentiment surrounding the token, coupled with the potential tailwinds from the Bitcoin halving, could still propel XRP towards the coveted $1 mark. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":601932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,16894,83363],"tags":[134,3505,3680,4531],"class_list":["post-601926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ripple","category-xrp","tag-altcoin","tag-price-analysis","tag-ripple","tag-xrp"],"acf":[],"yoast_head":"\n<title>XRP Price Drops After Massive Whale Dump<\/title>\n<meta name=\"description\" content=\"It is now doubtful that the Ripple Labs cryptocurrency, XRP, would be able to hit the much-anticipated $1 price objective this month as its pricing has\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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