XRP Price Sustains Recovery Despite 82 Mln Selloff By Whales, $1 Next?

Coingapestaff
April 5, 2024
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XRP Whale Moves 50M Coins Amid Price Fluctuations at $0.52, $1 Attainable?

Highlights

  • XRP whales offload nearly 82 million coins to exchanges.
  • XRP price soars despite the massive selloff by whales.
  • On-chain data underscores a strong market uptrend for the Ripple-backed token.

In a riveting turn of events, following a notable drop witnessed by XRP due to market corrections, the Ripple-backed token recently regained an upward momentum, piquing the interest of crypto market enthusiasts across the globe. Amid this considerable recovery showcased by the Ripple-backed token, massive selloffs by whales in the past 24 hours fueled investors’ speculation over a potential negative impact on the token’s price trajectory ahead.

However, the upsurge noted by XRP today primarily surfs the tide of a strong market uptrend, per on-chain data hovering over the crypto horizon. With a staggering 82.67 million XRP dump to exchanges failing to pull the prices to a slump, XRP curated optimistic waves across the cryptocurrency landscape today, April 5.

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XRP Whales’ Selloff: A Deeper Dive

According to the data unveiled by Whale Alert, a blockchain tracker, three noteworthy selloff transactions surfaced within the market over the past day, collectively aiding in the offloading of 82.67 million XRP. Among these transactions, two were noted to be done by a renowned XRP whale, …Rzn, whereas an unknown address,…UoP also shifted XRP to Bithumb.

25.40 million XRP, worth $15.25 million, was dumped to Bitso, whereas 24.40 million XRP, worth $14.63 million, was shifted to Bitstamp. Both the aforestated transactions were noted to have been done by the address… Rzn. Besides, 32.87 million XRP, worth $19.25 million, was shifted by the address …UoP to Bithumb.

Intriguingly, contrasting usual market sentiments of a slump in price with supply gains on exchanges, XRP continued to trade in the green. After showcasing remarkable resilience amid its recent slip to $0.56, the token’s price trajectory appears to be regaining momentum towards $0.6, per CoinMarketCap’s data.

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XRP Price Jumps

While writing, the XRP token’s price noted gains of 3.86% in the past 24 hours and currently rests at $0.5848. Despite the substantial dump by whales, its surge in price curated substantial optimism among investors today.

Meanwhile, Coinglass‘ data illustrated a 7.92% surge in the token’s open interest, accompanied by a rise of 88.62% in derivatives volume. This hinted at a strong market uptrend for the token, with heightened trading activity and money inflow in the derivatives market.

Collectively, market data painted a bullish outlook for the XRP token today. Moreover, a recent analysis by CoinGape media spotlights the remarkable resilience shown by the Ripple-backed token, further underscoring its potential to scale $1 ahead with the presence of bullish indicators, as seen today. Additionally, a tidal wave of optimism already surrounds XRP’s potential $1 run in April, as further affirmed by some of the leading crypto market analysts, CoinGape Media earlier reported.

Nonetheless, crypto market enthusiasts continue to eye token extensively as the ongoing SEC vs. Ripple lawsuit continues to take new turns, primarily attributing to the token’s sluggish performance witnessed within the broader crypto market.

Also Read: Bitcoin Options Market: Volatility Declines Amidst BTC Price Pullback

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.