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Whales shuffle 320 million coins amid price turbulence, what’s next?
In an unprecedented development, after Curling recent response to the SEC regarding the sealing of important documents related to solutions in the XRP process, whale activity emerging across the broader crypto market has taken investors by storm. Notably, it has been recorded that over 320 million coins have been moved by whales amid XRP’s phenomenal price flow over the past 24 hours, with accumulations and dumps happening at hand.
This phenomenon has sparked a great deal of interest among crypto market enthusiasts as investors continue to speculate on the future price movements of XRP. So let’s delve deeper into these whale transactions, which have triggered a market mania around the Ripple-backed asset despite recent price fluctuations.
Peaks of whale activity: more than 320 million coins moved
According to insights offered by blockchain transaction tracking platform Whale Alert, it was recorded that 320 million XRP were moved in the last 24 hours. It’s worth noting that crypto town was already abuzz with Ripple’s “response letter” against the SEC, while these whale transactions added to the buzz in XRP’s orbit.
Two prominent whales have been at the forefront of this activity, with one renowned address continuing to sell tokens for Bitstamp and Bitso, while the other has been accumulating huge amounts of XRP from Kraken, a crypto exchange.
Notably, the ..Rzn whale transferred 58.19 million XRP to Bitstamp and Bitso collectively through two transactions. On the other hand, whale raFi32M accumulated a whopping 262.57 million XRP from Kraken in a single transaction.
Interestingly, the massive accumulation undermined liquidation transactions, instilling optimism in investors regarding XRP’s future movements. Meanwhile, recent reports from CoinGape Media highlighted huge XRP Accumulations in the month of May, particularly when the token fell below the $0.53 price level. Even today, data illustrates that colossal accumulation occurred when XRP fell below the $0.53 price level.
This potentially suggests that large-scale investor confidence in XRP pumping is far above current price levels. Meanwhile, the token continues to exhibit slow movement at press time.
Read too: Shiba Inu Burn Rate Soars 300%, SHIB Price Recovery Imminent?
XRP Price Falls, What’s Next?
While writing, the XRP token price It has witnessed a drop of 1.33% in the last 24 hours and is currently trading at $0.5189. The downward movement in the token’s price mainly aligns with the broader picture crypto market movement today, while on-chain data further rationalizes the slow movement.
XRP Futures OI shows a 3.48% drop for
US$603.46 million today, followed by a drop in derivatives market volume of 0.57% to US$817.80 million. This underlined investors’ lower enthusiasm for the asset in the futures market, aligning with the token’s downward movement.
Furthermore, the RSI remained around 46, indicating that the asset is neither overbought nor oversold, although it may be witnessing slight downward pressure. Crypto market participants continue to view XRP’s future as uncertain, while huge accumulations in recent days like the one mentioned above have indeed added a bullish touch to the token’s future. It’s also worth noting that some analysts expect the Digital asset backed by Ripple Labs to surpass $1 just ahead.
Ripple’s response to the US SEC adds a layer of intrigue to the matter.