XRP Price Uncertainty Raises As Whales Shuffle 118M Coins, What’s Next?

The Ripple Labs-backed cryptocurrency, XRP, has continued to birth a wave of uncertainty among crypto market participants. Whales have again shuffled noteworthy amounts of coins to-and-fro centralized exchanges. Notably, on-chain data surfacing across the market shows over 118 million XRP shifted between wallets and exchanges in the past 24 hours, underscoring accumulations and dumps in hand. This has caused a flurry of mixed market sentiments surrounding the XRP’s future price trajectory.

Whale Activity Shows 118M Coins Shifted Between CEXs & Wallets

According to Whale Alert’s data, 118.32 million XRP was collectively shuffled by whales over the past day. These transactions illustrate 54.99 million XRP in accumulations while 63.33 million XRP was dumped to exchanges.

Notably, an XRP whale going by the address rarG6FaeYh has continued to hoard the token amid its recent price dip, solely responsible for the abovementioned accumulation. Meanwhile, the address …Rzn, another renowned XRP whale, has continued to offload the same and was solely responsible for the aforesaid dump.

These whale transactions underscore an unsure sense of market confidence in the asset as while one accumulated, the other offloaded the same. Additionally, market data has added on to this mixture of market sentiments amid XRP’s recent turbulency.

Also Read: XRP Lawsuit: Ripple Files Notice Of Supplemental Authority Post Terraform Settlement

XRP Price Plunges

The XRP price experienced a 1.43% downfall in the past 24 hours and is currently trading at $0.4806. The token’s 24-hour bottoms and tops were evaluated as $0.476 and $0.489, respectively. XRP’s weekly charts showcase signs of a correction, with an 8.39% dip at press time.

Whereas, Coinglass data illustrated a 2.16% jump in XRP’s Futures OI to $529.10 million. However, the derivatives volume saw a 29% dip to $839.58 million, underscoring reduced market activity but increasing investor interest in the asset. This has weighed in on mixed market sentiments.

Nonetheless, the RSI surfaced in a bearish territory, resting near 36. This could potentially pave the path for a price rebound if the token enters an oversold territory, although downside pressure currently engulfs the Ripple-backed token.

Looking at the weekly macro-chart, the Ripple-backed asset illustrates a bullish path being on an uptrend, analysis by CoinGape Media spotlighted. Constant buying pressure on the asset might pave the way for reclaiming the $0.55 level ahead.

Also Read: Bitcoin Drops To $66K Amid Sluggish Market, TON & UNI Soar 5%-8%