As a researcher with a background in blockchain and cryptocurrency analysis, I find the recent whale activity surrounding XRP intriguing, especially in light of the ongoing Ripple vs. SEC lawsuit. The collective shuffling of 230.93 million XRP coins, worth over $109 million, by known XRP whales has stirred up speculation and mixed sentiments in the market.
As a researcher studying the cryptocurrency market, I’ve noticed some significant activity from XRP whales recently. With the ongoing Ripple vs. SEC lawsuit potentially reaching fines of around $2 billion, these large investors have moved 230 million XRP coins within the past day. This transfer data, visible on the blockchain, has sparked intriguing discussions about XRP’s future price trends based on both dumps and transfers between wallets.
In the ongoing lawsuit, Judge Torres’ ruling that XRP secondary transactions do not qualify as securities has shifted the landscape somewhat towards Ripple. Following this decision, there has been a noticeable surge in large-scale XRP transactions, adding momentum to the situation.
Whales Shuffle 230 Mln Coins
Based on the data analyzed by Whale Alert in the last 24 hours, approximately $109.21 million worth of XRP, equivalent to 230.93 million units, was transferred among large XRP holders. One such whale offloaded 30.93 million coins onto Bitstamp, while another moved a massive 200 million XRP to an undisclosed wallet.
According to the available information, the well-known humpback whale Rzn is reportedly responsible for disposing of a large quantity, while the humpback whale rP4X2hTa7A transferred approximately 200 million units to rJqiMb94hy. These transactions have elicited contrasting reactions among market participants.
As an analyst, I’ve noticed some intriguing transactions from two different XRP whales recently. The first one raised concerns with its bearish implications, while the second one highlighted heightened on-chain activity. It’s important to mention that XRP accumulations by large holders have seen a significant increase lately. This surge in accumulations, coupled with recent developments in the Ripple lawsuit, has shifted the odds in favor of XRP.
During the trading session today, the cryptocurrency backed by Ripple displayed gains, mirroring the trends observed in the overall crypto market.
XRP Price Springs
When I penned this down, XRP‘s price had risen by 1.39% in the last 24 hours to reach $0.4802. The lowest and highest prices it touched during this period were $0.4716 and $0.4814 respectively.
The Coinglass data highlighted a notable surge in the crypto market, as indicated by a substantial rise in its Futures Open Interest (OI) and derivatives volume for XRP. Specifically, the OI increased by 4.31% to reach $606.63 million, while the derivatives volume experienced a significant jump of 58.30%, amounting to $499.20 million. This data serves as evidence of heightened investor interest and enthusiasm towards XRP.
Despite the Relative Strength Index (RSI) hovering around the neutral level of 45, it elicited contrasting feelings regarding potential price developments.
A new analysis from CoinGape’s latest report brings attention to the possibility of XRP reaching a price tag of around $6. This prospect is influenced by both ongoing legal proceedings and relevant technical aspects.
Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?
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2024-07-01 14:02