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XRP News: Token Breaks $0.45 Resistance Amid Whale Activity, What’s Next?

XRP bounced back above its resistance of $0.45 price level despite massive whale dumps recorded over the past day, igniting speculations over future movements.
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XRP News: Token Breaks $0.45 Resistance Amid Whale Activity, What’s Next?

Highlights

  • XRP whale offloads 68 million coins, failing to cause a negative implication on price.
  • The Ripple-backed asset defies usual market sentiments, gaining unprecedently.
  • XRP price pumps to breach the $0.45 price level.

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.

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Whale Dumps 60M Coins To CEXs

In the latest XRP news, Whale Alert reported that the renowned address Rzn collectively shifted 68.13 million coins to the CEXs Bitstamp and Bitso over the past day. The first transaction pointed to 34.23 million coins, worth $14.88 million, shifted to the Bitso crypto exchange. Simultaneously, the second transaction flagged 33.90 million coins, worth $14.75 million, moved to the Bitstamp exchange.

These transactions, underscoring the presence of considerable selling pressure on the asset, have failed to pull the price down. The Ripple-backed crypto has, in turn, defied usual market sentiments, gaining unprecedentedly today.

Meanwhile, CoinGape Media has previously reported that the abovementioned XRP whale address has been making recurring similar dumps for quite some time. This has added a layer of intrigue to the whale’s movements and potential motive, painting an uncertain scenario over whether the dump is due to a loss of interest in the asset or a broader approach to another strategic move.

Simultaneously, with the looming end of the Ripple vs. SEC lawsuit, crypto market participants are extensively eyeing on-chain movements as the price could take a paradigm shift ahead.

Also Read: Upbit Listing for ZETA and OMNI Leads Up to 40% Price Rally

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XRP Price Springs

At press time, the XRP price saw a notable 3.12% increase in value to trade at $0.4515. The token’s 24-hour lows and highs were recorded as $0.4317 and $0.4528, respectively.

Coinglass data illustrated a 4.45% increase in the coin’s futures OI to $471.07 million, followed by a derivatives volume upswing of 25.16% to $916.56 million. Coupled with today’s price upswing, the derivatives data hinted at a market uptrend for the Ripple-backed asset.

Also, it’s worth mentioning that the RSI moved along the 45 mark, hinting that the asset is currently neither overbought nor oversold. The token currently awaits a potential takeover by bulls or bears, paving the way for further price shifts ahead.

Also Read: Galxe (GAL) and PolyMesh (POLYX) Surge Over 8%, Here’s Why

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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