Altcoin
XRP Upholds $0.52 Price Level As Whales Shift 218M Coins, What’s Next?
Against the backdrop of XRP’s maintained position above the $0.52 price level, whale activity has once again spiked notably, piquing substantial investor attention. Slightly above 218 million coins have been shuffled in the past 24 hours, per on-chain data surfacing across the market.
The data reveals a pattern of whales engaging in buy-and-dump transactions, sparking speculations about the potential for XRP to surge ahead. Here’s a detailed report on this development.
193 Mln Coins Shuffled: Whale Alert
According to data presented by the on-chain transaction tracker Whale Alert, whales collectively moved a staggering 218.06 million coins in the past 24 hours. Two whales were recorded to have 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 was offloaded to exchanges Bitstamp, Bitso, and Coinbase, per the data. The dumps have further undermined the accumulation recorded over the past day.
Meanwhile, it’s also worth mentioning that the XRP whales that accumulated tokens from Binance have been previously reported to be making similar accumulations, underscoring increased confidence in the asset’s potential to pump ahead.
In the interim, XRP appears to have taken the heat of supply pressure in the market. Also, the substantial surge in whale activity follows an XRP ETF buzz in the broader industry, adding to speculations.
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XRP Price Slips
As of writing, the XRP token noted a 0.14% fall after a dominant trading session in the green territory in the past 24 hours. The token currently rests at $0.5242, with its 24-hour bottoms and tops being $0.5241 and $0.5307, respectively.
Coinglass data shows a consistent and gradual increase in XRP’s futures OI in recent days, resting at $666.79 million. However, the derivatives volume plunged 19.76% to $657.42 million. This has, in turn, birthed mixed sentiments over XRP’s future potential across the broader crypto market.
Additionally, the RSI weighed in on the speculations, signaling that the asset is neither overbought nor oversold. However, the Rupple Labs-backed cryptocurrency continues to make waves in the market.
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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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