A prominent XRP whale transferred 30 million tokens to an exchange.
The digital asset lost crucial support at the $0.5 price level.
The RSI indicator shows that the selling pressure is quite high in the market.
A prominent XRP whale transferred a whopping 30 million tokens to an exchange as bearish winds engulfed the digital asset market in the past 24 hours and the cryptocurrency lost crucial support at $0.5.
According to blockchain data, the whale moved the tokens to the exchange, possibly cashing out, which resulted in the token facing increased selling pressure and following a downward trajectory.
The data from CoinMarketCap shows that the trading volume of the seventh largest digital asset surged by a whopping 52.33% in the past 24 hours, while the market capitalization of XRP stands at $27.2 billion. Further, as of 1:32 a.m. ET Monday, the price of the token stands at $0.4925, down 3%.
Pro-XRP lawyer Bill Morgan also took to social media platform X to highlight that XRP had lost the $0.5 price level and is currently trading at $0.4.
Moreover, as per the chart provided by TradingView, the Relative Strength Index (RSI) for XRP/USDT on a daily time frame has turned bearish, reading 37.63.
The bears are currently in control of the XRP price action, and the sellers dominate the market. Notably, if the situation persists, the token might go into the oversold region. In March, the price of the digital asset rose as high as $0.744 but went as low as $0.4188 in mid-April. Since then, investors are looking forward to XRP strengthening its price action above $0.5.
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