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Whales Move 80 Million Coins Amid Ripple Liquidity Boost, What’s Next?
In an exciting turn of events, XRP, the cryptocurrency backed by Ripple Labs, has won over crypto investors with massive whale moves following attention-grabbing collateral transactions and price volatility. Network data shows that nearly 80 million coins were shuffled in the context of billions of XRP collateral locks and unlocks recorded over the weekend.
This dramatic turnaround has sparked a wave of speculation among crypto market participants about the future price trajectory of XRP, which is already shrouded in uncertainty due to the ongoing legal conflict between Ripple and the US SEC
. Here is a concise report on whale activity and the massive collateral transactions that took place over the weekend, further increasing the unpredictability of XRP’s future.
80 million XRP transferred by whales, billions shuffled into escrow
According to data released by Whale Alert, an on-chain transaction tracker, 80 million coins were transferred by XRP whales after 1 billion XRP was unlocked from the escrow, and 800 million coins were locked in the same. Meanwhile, among the 80 million shuffled coins, one whale accumulated while the other unloaded XRP onto exchanges. This added a layer of intrigue to the future price movements of the Ripple-backed asset.
Simultaneously, data from the weekend shows that 1.2 billion coins were initially moved to Ripple. Additionally, 1 billion tokens were unlocked by deposit in unknown wallets, while 800 million XRP were locked by deposit in Curling
. These transactions have collectively further shrouded XRP’s future price movements in a cloud of uncertainty.
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XRP Price Consolidates, What’s Next?
At the time of writing, XRP Price it stood at US$0.5173, down 2.01% in the last 24 hours. The token’s 24-hour lows and highs are $0.5093 and $0.5194, highlighting an extremely tight trading session for the coin. Furthermore, the weekly charts show a sideways price trajectory, keeping crypto market investors on their toes.
On the other hand, Coinglass data reveals a significant increase in XRP futures OI, jumping 2.30% to $630.56 million, followed by a notable 118.50% increase in derivatives market volume, to US$597.14 million. This increase highlights the increase in commercial activity in the derivatives market, accompanied by increased investor interest in the asset.
On the other hand, the RSI emerged around 46, signaling broader neutrality with slight downward pressure on the asset. This mixed market technical data has triggered a wave of speculation and uncertainty for the future of XRP.
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