In this ongoing struggling cryptocurrency market, top crypto assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) have experienced continuous price drops. Amid this struggling situation, XRP (XRP) the most controversial token has experienced an impressive price surge of over 4% in the last 24 hours, according to the data from Coinmarketcap.
XRP price jumps 4%, despite 63.3M tokens dump
Besides this bullish move in XRP, recently a blockchain-based transaction tracker Whale Alert made a post on X (Previously Twitter) stating that whales or institutions have moved a significant over 63.3 million XRP tokens worth $28.3 million to different centralized exchanges (CEXs) including Bitstamp and Bisto.
30,961,000 #XRP (13,859,410 USD) transferred from unknown wallet to #Bitstamphttps://t.co/M8ccNtvXwT
— Whale Alert (@whale_alert) July 11, 2024
As of now, XRP is trading near $0.466 and it experienced over 4% price surge in the last 24 hours. Besides XRP’s impressive price surge, the trading volume has surged by over 55% signaling potential higher participation among traders and investors.
32,461,000 #XRP (14,513,381 USD) transferred from unknown wallet to #Bitsohttps://t.co/L1NkprsF1V
— Whale Alert (@whale_alert) July 11, 2024
However, If we look at the performance of XRP over a longer period, it experienced over 12% price surge over the previous 7 days. Whereas, in the last 30 days, XRP has experienced a 6% price drop.
The overall market sentiment is bearish and top assets have fallen notably since June 2024. Whereas, the government of Germany is creating selling pressure in the crypto market because they have been continuously dumping Bitcoin (BTC) to the CEXs and through the potential OTC (over-the-counter).
Selling pressure across the market
Because of this continuous BTC dumping by the German Government, the top assets have been significantly impacted including XRP. Additionally, this continuous dump has also created extreme selling pressure in the market and this fear has reached 25, which is the lowest since January 2023.
Justin Bennett, a prominent crypto and forex trader, alerted on July 11, 2024, that Bitcoin had once again been rejected at $60,000, citing a potential “rising wedge” formation that suggests further price declines in the near future.
Besides XRP, the overall crypto market is down by over 2% showing bearish market sentiment. Whereas, top tokens seem to be struggling including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). According to coinmarketcap, in the last 24 hours BTC, ETH, SOL, and BNB have experienced a price drop of over 0.5%, 1.26%, 2.2%, and 0.64% respectively.
