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80M Coins Transferred As Price Tops $0.52, Price To Uphold Momentum?
XRP News: Ripple Labs’s crypto token, XRP, has once again raised eyebrows across the broader industry. Against the backdrop of a significant upside momentum taken by the token, topping the $0.52 mark, whale activity has surged remarkably, stirring a whirlpool of speculations among crypto market participants.
On-chain data illustrates nearly 80 million coins moved to and fro exchanges by whales, large-scale crypto investors. This has garnered noteworthy attention to the Ripple-backed asset, one of the top 10 cryptocurrencies by market cap.
It’s worth noting that despite a sluggish performance caused by the legal tussle between the U.S. SEC and Ripple Labs, XRP has maintained its position at the top.
80 Mln Coins Shuffled: What’s Happening?
According to data from the crypto transaction tracker Whale Alert, 79.8 million XRP coins were shuffled between wallets and exchanges in three transactions over the past 24 hours. Two of these transactions involved massive XRP accumulation, while a prominent XRP whale has been consistently moving coins to exchanges, piquing significant investor interest in the market.
The addresses rfQ9EcLkU and rarG6FaeYh accumulated 25.22 million and 26.26 million coins, respectively, from Binance, the world’s leading CEX. Meanwhile, the address …Rzn, a renowned XRP whale, moved 28.32 million XRP to Bitstamp, a Luxembourg city-based CEX. These transactions, underscoring accumulations and dumps in tandem, have caused mixed sentiments among traders and investors.
Also, speculation has further burgeoned as Ripple was recently recorded moving colossal amounts of XRP to and fro escrow. As a monthly strategic mover, Ripple unlocks 1 billion XRP, impacting the token’s market dynamics. Simultaneously, the Ripple-backed digital asset has gained upside momentum, with price topping the $0.52 mark today.
Also Read: CFTC Appoints Aptos Labs CEO To Its Digital Assets Committee
Will XRP Maintain A Break Above $0.52?
Meanwhile, CoinMarketCap’s chart shows that the token is fighting to maintain a position above the $0.52 level. XRP traded as high as $0.5225 but slumped to lows equivalent to $0.517 over the past day.
At press time, XRP’s price rested at $0.52, an increase of 0.45% in the past 24 hours. The token’s market cap rested at $28.83 billion.
However, derivatives data hinted at mixed investor sentiments prevailing in the market. Futures OI dipped 2.67% while volume saw a 1.42% increase. These mixed interests could further be driving the token’s turbulent price action.
Meanwhile, the RSI (47) hinted that the XRP is neither overbought nor oversold, with slight downside pressure. This could mean that a resilient upside movement for the Ripple-backed digital asset at the moment could be difficult.
However, market optimism surrounding the token’s potential to scale its wave 3 target of $1 ahead remains persistent. It’s worth mentioning that XRP accumulations, particularly from Binance, have also surged notably in recent days.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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