Ripple's XRP is facing intense market volatility, struggling to maintain its price above $0.5. Amidst this turmoil, a significant transaction has raised concerns among investors. A whale, identified as Rzn, transferred 30.32 million XRP, worth $15.07 million, to the Bitstamp exchange, increasing the market supply and potentially impacting the asset's future price trajectory.

Whale Alert's data revealed that this transaction is not an isolated incident, as Rzn has made repeated massive selloffs to Bitstamp, sparking speculations about a possible link between the wallet and Ripple. The acquisition of Bitstamp by Robinhood has also raised questions about the listing of XRP and XRP Ledger-tokens on the platform.

XRP Price Struggles

Despite a 0.68% price increase in the past 24 hours, XRP is still struggling to break above the crucial $0.5 support level. The token's price fluctuated between $0.4937 and $0.5008, indicating a bearish trend. Coinglass data showed a decline in futures OI and derivatives volume, signaling reduced investor interest and market activity. The RSI value of 38 also painted a bearish outlook for the asset.

Conclusion

The massive selloff by the XRP whale, Rzn, has raised concerns about the asset's future price trajectory. As the market struggles to regain momentum, the repeated transactions to Bitstamp have sparked speculations about a possible link between the wallet and Ripple. With bears and bulls fighting to take control, the XRP price trajectory remains uncertain."