XRP Price Near $0.5 Level As Whales Stir 87M Coins, What’s Next?

Against the backdrop of the crypto market’s tumbled price movement today, XRP, one of the largest cryptocurrencies by market cap, has piqued significant investor attention. With its price fluctuating near the $0.5 mark, the token appears to have magnetized whales, resulting in the reshuffling of nearly 87 million XRP in the past 24 hours.

This chronicle has birthed a cyclone of speculations among crypto market participants surrounding the token’s future price trajectory.

Whales Move 87M Coins To & Fro CEXs

As per the data unveiled by the transaction tracking platform Whale Alert, 86.68 million XRP was shuffled between exchanges and unknown wallets in the past 24 hours. This underscores the presence of XRP accumulations and dumps in hand.

Of particular note, two whales have been accumulating more XRP from Binance, despite the token’s recent price decline near the $0.5 price level. In contrast, a well-known XRP whale has been consistently dumping substantial amounts of the token to Bitstamp, a CEX based in Luxembourg.

The addresses rfQ9EcLkU6 and rarG6FaeYh have acquired 30.40 million and 26.44 million XRP, respectively, worth a total of $28.24 million. Conversely, the address XgwHh4Rzn has dumped 29.88 million XRP, worth $14.83 million. These transactions have sparked a range of reactions in the broader crypto market, highlighting both buying and selling pressures on the asset.

Simultaneously, XRP’s price chart shows a trading session in both red and green territories over the past day, although the trades are primarily in the negative territory.

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XRP Price Dips

As of writing, XRP’s price noted a dip of 2.19% in the past 24 hours and is currently trading at $0.4865. The token’s 24-hour lows and highs are $0.4849 and $0.5053, respectively, aligning with the charts illustrating a turbulent movement.

However, the token’s futures OI bumped slightly by 0.27%, whereas derivatives volume skyrocketed 238.44%. This hinted at the presence of some investor interest in the asset, accompanied by a remarkable increase in market activity. However, the RSI stood at 34.35, a bearish signal that validates XRP’s downside momentum.

Additional buying pressure on the asset could fuel a break near the vital support of $0.52. However, increased selling pressure could push the token to take a bearish turn moving ahead.

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