XRP, one of the largest cryptocurrencies, has recently caught the attention of investors due to the massive movement of coins by whales, coinciding with a price dip below the $0.5 level.

In the past 24 hours, XRP whales have shuffled approximately 87 million tokens between centralized exchanges and unknown wallets, fueling speculations about the token's future price trajectory. This activity has been observed against the backdrop of a broader decline in the crypto market.

Whales Accumulate and Dump XRP

According to Whale Alert, a transaction tracking platform, two whales have been accumulating XRP from Binance despite the recent price decline. Conversely, a well-known XRP whale has been consistently dumping substantial amounts of the token to Bitstamp, a Luxembourg-based exchange.

The addresses rfQ9EcLkU6 and rarG6FaeYh have acquired 30.40 million and 26.44 million XRP, respectively, worth a total of $28.24 million. Meanwhile, the address XgwHh4Rzn has dumped 29.88 million XRP, worth $14.83 million. These transactions have sparked a range of reactions in the broader crypto market, highlighting both buying and selling pressures on the asset.

XRP Price Fluctuates Near $0.5 Level

As of writing, XRP's price has dipped by 2.19% in the past 24 hours, trading at $0.4865. The token's 24-hour lows and highs are $0.4849 and $0.5053, respectively, indicating a turbulent trading session with both red and green territories.

Despite the price dip, XRP's futures open interest (OI) has increased slightly by 0.27%, while its derivatives volume has skyrocketed by 238.44%. This suggests some investor interest in the asset, accompanied by a remarkable increase in market activity. However, the Relative Strength Index (RSI) stands at 34.35, a bearish signal that validates XRP's downside momentum.

What's Next for XRP?

Additional buying pressure on the asset could fuel a break near the vital support of $0.52. However, increased selling pressure could push the token to take a bearish turn moving ahead. Investors and market participants will closely monitor the token's price movements and the ongoing activities of whales to gauge its future trajectory.