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XRP whale moves 151 million coins as price rises to $0.51. What comes next?
Against the backdrop of a slow trading session witnessed by XRP last week, the Ripple-backed token’s price regained upward momentum today, May 16, recovering to the $0.51 price level. This phenomenon attracted significant attention among crypto market participants across the world as whales further shuffled 151 million XRP amid this remarkable price rally.
Network data hovering over the crypto horizon revealed accumulations and dumps of XRP in hand, sparking mixed market sentiments about the token’s future price action. Here’s a deeper dive into XRP’s on-chain data and recent price movements.
Whales transfer 151 million coins sparking speculation
Whale Alert, an on-chain analytics platform, reported a staggering 151.31 million XRP being moved by crypto whales in the last 24 hours. These transactions, which indicate a mix of dumping and hoardings, have left market sentiments about XRP’s future price action in a state of uncertainty.
According to the data, a renowned XRP whale,…Rzn, continued to dump significant amounts of XRP to CEXs Bitstamp and Bitso. Meanwhile, an unknown address, r99QSej32n, was registered and amassed a whopping 100 million dollars. XRP from Coinchecka Japanese cryptocurrency exchange.
While the huge amount of tokens accumulated in the last 24 hours hurts the number of coins moved to Bitstamp and Bitso, it is worth remembering that the renowned whale XRP has been continuously offloading coins following Ripple’s strategic collaboration with the aforementioned CEXs. Collectively, this data suggests that the Ripple-backed token is witnessing buying and selling pressure in tandem, causing a wave of mixed market sentiments among crypto market investors.
Read too: Crypto Prices Today, May 16: Bitcoin Surpasses $65K, Ethereum Gains, Floki Gains Prominence
XRP Price Increases
At the time of writing, XRP Price has jumped 3.97% in the last 24 hours and is currently trading at $0.5187. Its 24-hour lows and highs are $0.4984 and $0.5196, respectively.
Interestingly, Coinglass data highlights a bullish market trend for XRP at press time, with its open interest rising 3.53% to $580.92 million, followed by an increase in derivatives volume of 9.80 %, to US$ 831.97 million. However, the RSI hovered around 49, suggesting that the asset is neither overbought nor oversold.
This has sparked a whirlwind of speculation surrounding the future price action of the Ripple-backed token. Furthermore, as May 20 approaches, the XRP community prepares for new developments regarding the Ripple vs US SEC Lawsuit.
Read too: GameStop (GME) Frenzy Spreads Into Cryptocurrencies Meme, Watch Out Ahead?
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