XRP Price Gains Momentum As Whales Move 93M Coins, What’s Next?

The Ripple-backed cryptocurrency, XRP, has recorded significant whale activity in the past 24 hours. On-chain data suggests that whales shifted nearly 93 million coins amid a highly volatile price movement by the Ripple-backed asset. These whale transactions included accumulations and selloffs in hand, birthing contrasting sentiments on future market performance. So, let’s take a closer look at XRP’s current on-chain & market statistics to gain a clear perspective on future movements.

Whales Shuffle 93M Coins: What’s Happening?

Whale Alert, a trusted on-chain tracker, has reported a significant movement in the XRP market. According to its data, a total of 93.58 million coins was collectively shifted by whales over the past day. Out of these, 32.08 million XRP, valued at $14.99 million, was registered to have been dumped by the whale …Rzn to Bitstamp, a CEX.

Meanwhile, the remaining coins were accumulated by two renowned XRP whales, previously known for buying XRP amid its recent slip below the crucial support of $0.5. The address rhWj9gaovw bought 28.77 million XRP, worth $13.77 million. Further, the address rfQ9EcLkU6 accumulated 32.73 million coins worth $15.51 million.

It’s worth noting that XRP accumulations in recent days have undermined the amount dumped to exchanges, tipping the balance towards the optimistic side for the token. However, XRP appears to have taken the heat, encountering both buying and selling pressure on hand, as its charts show a trading session in both red and green territories over the past day.

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XRP Price Jumps, What’s Next?

As of writing, the Ripple-backed asset showed a 0.11% upswing to trade at $0.4766. In the past 24 hours, the coin slipped as low as $0.4633, whereas it reached a peak of $0.4813.

Coinglass data showed a 0.73% jump in XRP’s futures OI, further accompanied by a 52.08% jump in the derivatives volume. Despite its recent turbulency, this data underlined a slight increase in investor interest in the asset.

However, the RSI hovered near 38, underscoring slight downside pressure with broader neutrality. The mixed market statistics collectively rationalize XRP’s volatility, although it also shrouds future price movements in an enigma. Crypto market participants continue to eye the token for further price shifts, while a trading session in the red territory ahead may also not come as a surprise, aligning with the abovementioned data.

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