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XRP Price Gains Momentum as Whales Move 93 Million Coins, What’s Next?
The Ripple-backed cryptocurrency, XRP, has recorded significant whale activity over the past 24 hours. Network data suggests that whales moved nearly 93 million coins amid highly volatile price movement for the Ripple-backed asset. These whale trades included ongoing accumulations and sales, giving rise to contrasting feelings about future market performance. So let’s take a closer look at XRP’s current network and market statistics to get a clear perspective on future movements.
Whales shuffle 93 million coins: what’s happening?
Whale Alert, a reliable on-chain tracker, has reported significant movement in the XRP market. According to their data, a total of 93.58 million coins were collectively exchanged by whales in the last day. Of these, 32.08 million XRP, valued at $14.99 million, were recorded as having been dumped by the…Rzn whale to Bitstamp, a CEX.
Meanwhile, the remaining coins were accumulated by two renowned XRP whales, formerly known as buying XRP amid its recent fall below the crucial $0.5 support. The address rhWj9gaovw purchased 28.77 million XRP, worth $13.77 million. Additionally, the rfQ9EcLkU6 address accumulated 32.73 million coins worth $15.51 million.
It is important to note that the accumulation of XRP in recent days has hurt the value dumped into exchanges, tipping the scales towards the bullish side of the token. However, XRP appears to have weathered the pressure, facing buying and selling pressure as its charts show a trading session in the red and green territories over the past day.
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XRP Price Rises, What’s Next?
At the time of writing, the Ripple-backed asset
showed an increase of 0.11%, trading at US$0.4766. In the last 24 hours, the coin has fallen to $0.4633 while reaching a peak of $0.4813.
Coinglass data showed a 0.73% jump in XRP futures OI, accompanied by a 52.08% jump in derivatives volume. Despite the recent turmoil, this data highlighted a slight increase in investor interest in the asset.
However, the RSI hovered near 38, underlining slight downward pressure with broader neutrality. The mixed market statistics collectively rationalize XRP’s volatility, although they also shroud future price movements in an enigma. Crypto market participants continue to keep an eye on the token for further price changes, while a trading session in the red territory ahead may also not come as a surprise, aligning with the aforementioned data.
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