XRP Price Breaks $0.58 Amid Massive Whale Activity, Rally To Sustain?

Highlights

XRP pumps unprecedently to break the $0.59 price level.
Whales have shuffled millions of coins amid this price upswing.
XRP continues to soar, although speculations over its next resistance of $0.6 persist.

XRP has once again curated a tidal wave of optimism among crypto market participants today, breaking the $0.59 price level. On-chain data reveals that whales shuffled millions of coins amid the Ripple-backed token’s upswing, generating a torrent of speculative buzz on future price movements. So, let’s take a closer look at the asset’s current market dynamics and its next price target, which crypto market participants are eagerly awaiting.

Whales Shuffle 51M XRP: Whale Alert

According to data offered by the on-chain transaction tracker Whale Alert on X, two whales collectively shuffled 50.92 million coins, worth $27.45 million, over the past day. These whale transactions encompassed both accumulations and dumps.

Notably, 27.9 million coins, worth $14.91 million, were transferred by the renowned whale, ..Rzn, to the Bitstamp crypto exchange. Simultaneously, the whale address rarG… was recorded to have bagged 23.02 million coins, worth $12.54 million, from the Binance crypto exchange. Concunrently, as per Santiment, this upsurge is attributed to the increasing hodling levels from whales with 100K + XRP coins.

🐳📈 XRP has now climbed above $0.58 for the first time since the market-wide retrace back on April 12th. This rebound is supported by climbing levels of coin hodling from whales and sharks with 100K+ XRP coins. A noticable turning point in supply accumulation began last August. pic.twitter.com/nBNsAfnoiw

— Santiment (@santimentfeed) July 16, 2024

Intriguingly, both the whale addresses stage as renowned XRP whales, which CoinGape reported previously to be making similar transactions. The uncertainty of the transactions has further birthed contrasting market sentiments on future price movements.

Nevertheless, the Ripple-backed asset continues to surge unprecedentedly. This price upswing comes amid the anticipation of the conclusion of the Ripple vs. SEC lawsuit. Pro-XRP lawyers Bill Morgan and Fred Rispoli expect a ruling on remedies and injunction at the end of July or the beginning of August. Meanwhile, as mentioned above, the token continues to gain.

Also Read: XRP Healthcare (XRPH) CEO Hints At Major Development, Here’s All

Ripple’s Token Rallies 35%

At press time, XRP price traded at $0.5853, up 11.50% over the past day. Its 24-hour bottoms and tops were recorded as $0.5241 and $0.5925, respectively. The weekly chart showcased a phenomenal 35% price upswing, birthing further market optimism. This rising action comes against the backdrop of the broader crypto market recovery.

Additionally, the token’s futures OI surged 13.77% to $769.63 million, accompanied by a derivatives volume upsurge of 128% to $4.88 billion. This data further rationalized the digital asset’s market uptrend while also underscoring burgeoning investor interest.

Also, the RSI moved alongside 72, hinting that the asset might be slightly oversold. This paves the way for short-term pullback or corrections in price.

However, crypto market analyst Dark Defender took to X amid this price upswing, spotlighting the next vital resistance of $0.6044, then $0.6649. Should XRP scale these levels, crypto market enthusiasts expect further gains in the pipeline.

Also Read: XRP News: Ripple Donates Million To Unseat Senator Warren And Elect John Deaton

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