In a surprising turn of events within the cryptocurrency landscape on March 19, significant selloffs by an XRP whale amid recent market corrections have captured considerable attention. These selloffs have reignited bearish momentum for XRP, raising questions about the possibility of the token slipping below the critical $0.6 support level.

Scoping Into XRP Whale’s Selloffs During Market Corrections

According to insights provided by blockchain tracker Whale Alert, a total of 99.85 million XRP has been dumped to centralized exchanges (CEXs) since March 15. This period coincides with a notable downturn in top cryptocurrency prices due to a widespread market selloff. Among these transactions, a significant portion—50.40 million XRP—was offloaded by a prominent XRP whale known as …Rzn on March 15, with 22.8 million and 27.60 million coins being sent to Bitstamp and Bitso, respectively. Subsequently, the same whale continued selling substantial amounts of XRP in the following days.

On March 17, 24.85 million XRP, valued at $15.44 million, was dumped on Bitstamp. Furthermore, the same address sold an additional 24.60 million XRP, worth $14.84 million, to the same exchange today. These transactions have sparked widespread speculation among global crypto traders and investors, as the supply of XRP on CEXs continues to rise significantly. Meanwhile, the Ripple-backed token has already displayed bearish signs with a 13.16% weekly decline.

Amid these developments, the XRP price briefly dipped below the $0.6 mark as of press time, intensifying concerns among investors as market dynamics contribute to bearish sentiments surrounding XRP.

XRP Price Slips

At the time of writing, the price of XRP has experienced a 12.85% decline in the past 24 hours, currently trading at $0.6024. With its Relative Strength Index (RSI) hovering around 47, the token continues to exhibit a bearish outlook, indicating prevailing selling pressure in the market. This downward trajectory aligns with the aforementioned selloffs, further exacerbating bearish sentiment as the price of XRP dipped below $0.6 today.

However, amidst the prevailing bearish sentiment, data from Coinglass highlights a 4.06% surge in XRP’s open interest, accompanied by a remarkable 138.59% increase in volume within the derivatives market. This contrasts with the bearish market sentiment surrounding the Ripple-backed token, suggesting significant new capital inflows and heightened market activity. A potential “buying-the-dip” sentiment may be contributing to this surge in open interest, as investors remain vigilant for signs of a reversal trend.

The recent selloffs by an XRP whale amid market corrections have added fuel to the bearish sentiment surrounding the token. With the XRP price slipping below the critical $0.6 support level, investors are closely monitoring market dynamics for signs of a potential reversal. Despite the prevailing bearish outlook, increased open interest and trading volume within the derivatives market indicate a possible resurgence in investor interest, hinting at the prospect of a market turnaround in the near future.