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XRP Maintains $0.52 Price Level While Whales Transfer 218 Million Coins, What’s Next?
Against the backdrop of XRP’s maintained position above the $0.52 price level, whale activity once again increased notably, arousing substantial attention from investors. A little more than 218 million coins were shuffled in the last 24 hours, according to network data that has emerged on the market.
The data reveals a pattern of whales engaging in buy-and-dump transactions, sparking speculation about XRP’s growth potential. Here is a detailed report on this development.
193 million coins shuffled: whale warning
According to data presented by on-chain transaction tracker Whale Alert, whales collectively moved a staggering 218.06 million coins in the last 24 hours. It was recorded that two whales bagged 50.25 million XRP from Binance collectively, while the others offloaded significant amounts of the same to different CEXs.
Notably, 167.81 million XRP were transferred to Bitstamp, Bitso, and Coinbase exchanges, according to the data. The dumps further hampered the accumulation recorded on the last day.
However, it is also worth mentioning that the XRP Whales that Binance’s accumulated tokens were previously reported to be making similar accumulations, underscoring increased confidence in the asset’s potential to move forward.
In the meantime, XRP appears to have withstood the supply pressure in the market. Furthermore, the substantial increase in whale activity follows a ETFXRP buzz in the industry in general, increasing speculation.
Read too: Shiba Inu Burn Rate Soars 3900% Amid Whale Buying, SHIB Price Hits $0.0001?
XRP Price Receipts
At the time of writing, the XRP Token saw a 0.14% drop after a dominant trading session in the green territory over the last 24 hours. The token currently stands at $0.5242, with its 24-hour lows and highs being $0.5241 and $0.5307, respectively.
Coinglass data shows a consistent and gradual increase in XRP futures OI over the past few days, standing at $666.79 million. However, derivatives volume fell 19.76% to $657.42 million. This, in turn, has generated mixed feelings about XRP’s future potential across the broader crypto market.
Furthermore, the RSI weighed on speculation, signaling that the asset is neither overbought nor oversold. However, the Rupple Labs-backed cryptocurrency continues to shake up the market.
Read too: Nocturne, privacy protocol backed by Vitalik Buterin, announces closure
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