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Whale Transfers 60 Million Coins Amid Price Flux, What’s Next?
XRP, one of the top 5 cryptocurrencies by global market cap, has once again sparked a whirlwind of speculation among global crypto market participants. The token has defied broader crypto market trends with highly turbulent price movement over the past 24 hours, causing a stir in the crypto community.
Amidst this volatile price action, a significant event unfolded when a whale was observed offloading approximately 60 million XRP to exchanges. This, in turn, added a new layer of intrigue to the token’s future price action.
Here is a detailed report on the token’s current price movements and metrics on the network.
XRP Whale Transfers Fuel Provocative Speculation
Notably, the Ripple Labs-backed token, XRP, running on top of the layer 1 blockchain XRPLhas faced a prolonged period of sluggish performance, mainly attributed to the legal dispute between Ripple and the US SEC. This cast a shadow over the future of the token, while whale activity triggered a wave of additional inferences during this period.
According to data highlighted by blockchain tracking platform Whale Alert, 59.07 million XRP was transferred by a renowned XRP whale,…Rzn, to some CEXs through two transactions in the last 24 hours. The first transaction saw 29.38 million XRP, worth $15.25 million, transferred to Bitstamp, a CEX based in Luxembourg City. Whereas the second transaction saw 29.69 million XRP, worth 15.42 million, transferred to Bitso, a company based in Mexico City CEX.
These transactions, emerging as a recurring phenomenon in the cryptosphere, have now gained global attention. In light of speculation surrounding Ripple dumping XRP onto the market, the transactions of the aforementioned renowned XRP whale a hum echoed.
Interestingly, following Ripple’s strategic ventures with Bitstamp and Bitso, these same-address transactions have gradually emerged as a recurring phenomenon in the crypto world. This has sparked even more speculation about XRP dumping by Ripple, although no concrete proof has been provided yet.
While the broader market rallied today, these declines, adding to XRP’s selling pressure, potentially came as a setback to the token’s price trajectory, preventing further gains.
Read too: Kraken Fires Back at SEC Over Unregistered Securities Trading Claims
XRP Price Flows
While writing, the XRP token price has illustrated a marginal decline of 0.13% in the last 24 hours and is currently trading at $0.5166. Its 24-hour lows and highs are $0.5099 and $0.5216, respectively.
Looking at the broader time frame charts, it appears that the Ripple-backed token is witnessing a period of consolidation, with bulls and bears waiting to potentially take control of the asset. Coinglass data illustrated a 1.51% jump in XRP Open Interestreaching US$577.78 million, while derivatives volume fell 4.54%, reaching US$717.88 million.
The volume of options fell by 46.56%, reaching US$584.98, while open options increased by 15.02%, reaching US$290.99 thousand. This data collectively further rationalizes XRP’s highly volatile price movement, potentially driven by speculative trading in the market.
Furthermore, the RSI fluctuated at 44, suggesting that the asset is neither overbought nor oversold, with slight downward pressure on the market.
Read too: Dogwifhat (WIF) Price Soars 13% Amid Whale Hoarding, Is There Any More Steam Left?