Altcoin
Token Breaks $0.45 Resistance Amid Whale Activity, What’s Next?
XRP News: Ripple’s native crypto has garnered significant market optimism today as it reclaimed the $0.45 price level despite massive whale dumps. Notably, 68 million coins were moved to two centralized exchanges in the past 24 hours, regardless of which the token noted gains. This chronicle, emerging amid the looming Ripple lawsuit’s conclusion, has birthed a torrent of speculations on future price movements.
Here’s a quick overview of the crypto’s current market and on-chain statistics.
Whale Dumps 60M Coins To CEXs
In the latest XRP news, Whale Alert reported that the renowned address Rzn collectively shifted 68.13 million coins to the CEXs Bitstamp and Bitso over the past day. The first transaction pointed to 34.23 million coins, worth $14.88 million, shifted to the Bitso crypto exchange. Simultaneously, the second transaction flagged 33.90 million coins, worth $14.75 million, moved to the Bitstamp exchange.
These transactions, underscoring the presence of considerable selling pressure on the asset, have failed to pull the price down. The Ripple-backed crypto has, in turn, defied usual market sentiments, gaining unprecedentedly today.
Meanwhile, CoinGape Media has previously reported that the abovementioned XRP whale address has been making recurring similar dumps for quite some time. This has added a layer of intrigue to the whale’s movements and potential motive, painting an uncertain scenario over whether the dump is due to a loss of interest in the asset or a broader approach to another strategic move.
Simultaneously, with the looming end of the Ripple vs. SEC lawsuit, crypto market participants are extensively eyeing on-chain movements as the price could take a paradigm shift ahead.
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XRP Price Springs
At press time, the XRP price saw a notable 3.12% increase in value to trade at $0.4515. The token’s 24-hour lows and highs were recorded as $0.4317 and $0.4528, respectively.
Coinglass data illustrated a 4.45% increase in the coin’s futures OI to $471.07 million, followed by a derivatives volume upswing of 25.16% to $916.56 million. Coupled with today’s price upswing, the derivatives data hinted at a market uptrend for the Ripple-backed asset.
Also, it’s worth mentioning that the RSI moved along the 45 mark, hinting that the asset is currently neither overbought nor oversold. The token currently awaits a potential takeover by bulls or bears, paving the way for further price shifts ahead.
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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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