As an experienced crypto analyst, I’ve closely followed XRP‘s market trends and on-chain activities with great interest. Today’s news of whale dumps totaling 68 million coins to centralized exchanges (CEXs) has sparked a wave of speculation in the community, especially amidst the pending Ripple lawsuit conclusion.
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
As a crypto investor following XRP news closely, I’m excited to share that according to Whale Alert, an address of note named Rzn transferred a significant amount of XRP recently. Specifically, 68.13 million coins, equivalent to around $29.63 million based on current market prices, were moved to both Bitstamp and Bitso exchanges in separate transactions. The first transaction involved sending 34.23 million coins, or approximately $14.88 million, to Bitso, while the second transaction saw the transfer of 33.90 million coins, equivalent to around $14.75 million, to Bitstamp.
Despite the significant selling pressure indicated by these transactions, the price of the Ripple-supported cryptocurrency has refused to decline as expected. Contrary to typical market trends, it has instead experienced extraordinary growth today.
Previously reported by CoinGape Media, the XRP address in question has frequently sold large quantities of Ripple in a similar fashion. This pattern raises questions about the whale’s intentions and motivations, leaving it unclear whether the sell-off represents a waning interest in the asset or part of a larger plan.
As a crypto investor, I’m keeping a close eye on the ongoing Ripple versus SEC lawsuit. The outcome of this legal battle could significantly impact the cryptocurrency market. In the meantime, I’m closely monitoring on-chain movements for any potential clues about price trends. These observations might provide valuable insights into the market’s direction and help me make informed investment decisions.
XRP Price Springs
At the current moment, the XRP price experienced a significant jump of 3.12%, reaching a value of $0.4515. The lowest and highest points in the last 24 hours for this token were marked at $0.4317 and $0.4528 respectively.
As a researcher analyzing the data from Coinglass, I discovered that the coin’s futures open interest (OI) experienced a 4.45% growth to $471.07 million. Subsequently, derivatives volume surged by an impressive 25.16%, reaching $916.56 million. These numbers, combined with today’s price surge, suggest a promising market trend for the Ripple-supported asset.
As a researcher, I’ve observed that the Relative Strength Index (RSI) of this asset has been hovering around the 45 mark. This signifies that the asset is neither overbought nor oversold at the moment. The token is currently in a neutral zone, with the possibility of either bulls or bears taking control and influencing future price movements.
Read More
- BCH PREDICTION. BCH cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- USD MYR PREDICTION
- ZKJ PREDICTION. ZKJ cryptocurrency
- PSTAKE PREDICTION. PSTAKE cryptocurrency
2024-07-11 16:54