As a seasoned crypto investor with a keen interest in XRP, I’ve witnessed its price volatility firsthand. The recent dip to $0.47 and the whale transactions shuffling large quantities of XRP between wallets and exchanges have stirred a wave of speculation across the community.
As a crypto investor, I’ve noticed that XRP, one of the largest cryptocurrencies by market capitalization, has been causing quite a stir recently. The price of this Ripple-supported digital asset took a notable dive in the past day, coinciding with some ambiguous transactions by large investors, or “whales.” According to on-chain data, around 85 million XRP coins were accumulated and then dumped back onto the market as the token slid down to $0.47. This activity has sparked a lot of conjecture about XRP’s potential future performance in the market.
Whales Transfer 85M Coins ‘to-and-fro’ CEXs
Based on information from Whale Alert, approximately 85.26 million XRP have been transferred between wallets and exchanges over the last 24 hours. This figure includes both XRP being amassed (accumulations) and sold off (dumps).
According to the data, a prominent XRP holder named Rzn transferred approximately 30.82 million XRP, equivalent to around 14.87 million dollars, to Bitstamp. Following this transaction, two other notable XRP whales acquired 28.21 and 26.23 million XRP tokens each.
noteworthy is that CoinGape Media reported large XRP investors, or “whales,” amassing significant quantities of the token in the past few days. This buying behavior suggests optimism regarding XRP’s future price movement and highlights the confidence whales have in the asset.
Despite dealing with both purchasing and selling demand at once, as seen in the previous trades, XRP experiences increased volatility. This downturn coincides with the overall crypto market direction, yet rumors about the influence of large transactions, known as whale transfers, on the token remain a topic of debate.
XRP Price Slips
At the moment of composition, XRP‘s price dipped 2.51% to reach $0.476. The token’s lowest and highest points within the last 24 hours were $0.4693 and $0.4868 respectively, demonstrating significant price fluctuations.
The derivatives market witnessed a surge in investor interest as XRP‘s Futures Open Interest rose by 3.26% to reach $575.95 million, and derivatives volume experienced a significant increase of 364.09% to hit $1 billion. Nevertheless, the asset’s price faced resistance as the Relative Strength Index (RSI) remained close to 38, suggesting potential downward pressure on XRP. This conflicting data raises differing views regarding XRP’s future price trends.
As a researcher studying the cryptocurrency market, I’ve recently noticed an intriguing development in XRP prices according to CoinGape Media’s analysis. It seems that bearish forces may be losing their grip on this Ripple-supported asset, potentially setting the stage for a significant price increase.
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2024-06-24 14:28