As a researcher with extensive experience in the crypto market, I cannot help but be intrigued by the recent developments surrounding XRP. The optimism and relief that followed the FIT21 ruling have been short-lived as XRP continues to exhibit erratic price action, defying usual market sentiments.
In spite of the upbeat feelings and hope generated by the latest developments at FIT21 for the Ripple community, the price behavior of XRP, the cryptocurrency supported by Ripple Labs, has been unpredictable and contrasted general market trends. Amid this increased volatility, a well-known XRP investor has consistently sold large quantities of XRP tokens on centralized exchanges, sparking curiosity among crypto enthusiasts worldwide.
Approximately 55.8 million units of XRP were transferred to centralized exchanges within the last 24 hours, according to statistics from a reputable on-chain analysis provider. This transaction history has ignited apprehension among investors regarding XRP’s upcoming trends.
Whale Dump Ignites Investor Anxiety
Based on Whale Alert’s revelations, a notable XRP whale address, specifically Rzn, moved approximately 56 million XRP through two transactions. Significantly, this address sent XRP to the cryptocurrency exchanges Bitstamp and Bitso.
In the initial transaction, there was a transfer of $15.63 million worth of XRP, representing 30.08 million units, to Bitso. On the other hand, the second transaction involved the movement of 25.8 million XRP, equivalent to $13.40 million, to Bitstamp.
Despite their modest size, these transactions indicate selling pressure, which could prevent XRP‘s price from substantial growth. Additionally, Coinglass reports reveal $4.72 million in XRP liquidations over the last day, contributing to its volatile trend.
XRP Price Fluxes
At present, XRP‘s price has decreased by 0.32% over the last 24 hours and is now being exchanged at $0.5249. The market capitalization of this token supported by Ripple was valued at a substantial $29.09 billion. Additionally, there was a significant surge in trading volume within the past 24 hours, amounting to $2.26 billion.
During this period, Coinglass data revealed a remarkable surge of 232.91% in the token’s derivatives trading volume. Subsequently, open interest for futures and options contracts experienced a decrease of 5.16%. This combination of events suggests investors hold contrasting market sentiments, possibly influenced by speculative trading activities.
Enhancing the enigma, the Relative Strength Index (RSI) remained stable near the 50-mark for XRP. This indicator implies that the asset is neither excessively bought nor sold, suggesting ambiguity about its upcoming price fluctuations.
It’s noteworthy that Coinbase has recently started allowing XRP trading in New York. This move brings a sliver of hope to the cryptocurrency’s endeavors in the digital currency market.
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2024-05-24 09:27