As a seasoned analyst with over two decades of market experience under my belt, I find myself intrigued by the recent XRP whale movements and their potential impact on the asset’s future price action. The sheer volume of 1 billion XRP shifted in a single day is a striking indication of heightened activity within the XRP ecosystem.
Today’s Update on XRP: The large-scale XRP holders, often referred to as ‘whales,’ have triggered worry among investors, swiftly selling off their assets before Ripple‘s upcoming $125 million settlement with the U.S. Securities and Exchange Commission (SEC). Over the past day, a massive 1 billion XRP has been transferred, sparking discussions about potential future price fluctuations. Additionally, recent significant shifts in XRP escrow by Ripple, a US-based blockchain payment company, have intensified speculation about XRP’s market behavior in the near future.
XRP News: Whales Move Nearly 1B Coins
Yesterday, as a crypto investor, I noticed some interesting movements in the XRP market. According to on-chain data from Whale Alert, a staggering 1 billion XRP was transferred to Ripple in multiple transactions over the past day by significant players, or whales. Furthermore, a well-known whale address, Rzn, dumped approximately 20 million XRP onto the Bitstamp exchange. Keep an eye on these developments!
These trades are suggesting a growing urge to sell the asset, leading traders to feel pessimistic. Importantly, it seems that large-scale selling transactions (often referred to as “dump transactions”) are becoming more frequent, and there’s a significant $125 million payment due to the SEC this week.
This week, the cryptocurrency company will distribute approximately $125 million as part of a legal settlement in the ongoing XRP lawsuit. They currently hold around 200 million units of XRP that were recently released.
It’s important to mention that Ripple has just secured 800 million XRP in escrow, following the release of a billion XRP from escrow earlier. The large-scale shifts have ignited speculation among investors regarding the potential future trajectory of this cryptocurrency.
Coin Price Dips
Due to recent reports of whales selling XRP, the price of XRP dipped by 1.5% and is currently at $0.5503. Earlier in the day, the coin reached lows of $0.5448 and highs of $0.5618. It’s worth noting that today’s minimal price fluctuations largely correspond with the increased selling pressure for the asset, as previously stated.
Given the unveiling of the new banking strategy by the company, a price prediction by CoinGape Media indicates that the XRP token might surge up to $4.
Despite conflicting opinions about the cryptocurrency, the addition of data from Coinglass shows that the coin’s Open Interest (OI) decreased by 1.15%, reaching a level of $608.68 million today. However, it’s worth noting that the volume of derivatives increased significantly by 65%, amounting to $823.89 million.
As a researcher, I’ve noticed that the RSI of the coin I’m studying has been hovering around 42, indicating that the asset is neither in an overbought nor oversold state at this moment. Meanwhile, crypto market observers are keeping a close watch on XRP, as significant whale transactions have surfaced as notable news in the XRP community today.
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2024-09-02 13:33