XRP Price: Whales Move 80M Coins Amid Liquidity Push by Ripple, What’s Next?

Coingapestaff
June 3, 2024
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XRP Price: Whales Move 80M Coins Post Massive Escrow Movements, What's Next?

Highlights

  • Two XRP whales shuffled nearly 80 million coins against the backdrop of billions of coins moved to and fro escrow.
  • Mixed market sentiments prevail in the market orbiting XRP's future price movements.
  • XRP's price shows signs of an extended period of consolidation.

In a gripping turn of events, XRP, the Ripple Labs-backed cryptocurrency, has taken crypto investors by storm with massive whale movements post attention-nabbing escrow transactions and price volatility. On-chain data showcases that nearly 80 million coins were shuffled against the backdrop of billions of XRP escrow locks and unlocks recorded over the weekend.

This dramatic turn of events has sparked a flurry of speculation among crypto market participants about XRP’s future price trajectory, which is already shrouded in uncertainty due to the ongoing legal skirmish between Ripple and the U.S. SEC. Here’s a concise report on the whale activity and massive escrow transactions that unfolded over the weekend, further adding to the unpredictability of XRP’s future.

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80M XRP Shifted by Whales, Billions Shuffled In Escrow

According to the data unveiled by Whale Alert, an on-chain transaction tracker, 80 million coins were shifted by XRP whales after 1 billion XRP was unlocked from escrow, and 800 million coins were locked in the same. Meanwhile, among the 80 million coins shuffled, one whale accumulated while the other offloaded XRP to exchanges. This has added a layer of intrigue to the Ripple-backed asset’s future price movements.

Simultaneously, data for the weekend shows that 1.2 billion coins were initially moved to Ripple. Moreover, 1 billion tokens were unlocked from escrow at unknown wallets while 800 million XRP was locked in escrow at Ripple. These transactions, collectively, have further shrouded XRP’s future price movements in a cloud of uncertainty.

Also Read: Crypto Prices Today June 3: Bitcoin & ETH On Bumpy Ride, Notcoin Soars Over 30%

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XRP Price Consolidates, What’s Next?

As of writing, XRP’s price stood at $0.5173, down 2.01% in the past 24 hours. The token’s 24-hour lows and highs are $0.5093 and $0.5194, underscoring an extremely tight trading session for the coin. Moreover, weekly charts show a sideways-moving price trajectory, keeping crypto market investors on their toes.

On the flip side, Coinglass data reveals a significant surge in XRP futures OI, jumping 2.30% to $630.56 million, followed by a remarkable 118.50% increase in the derivatives market volume to $597.14 million. This surge underscores the heightened trading activity in the derivatives market, accompanied by increased investor interest in the asset.

On the other hand, the RSI surfaced around 46, flagging broader neutrality with slight downside pressure on the asset. These mixed market technicals have set off a wave of speculations and uncertainty for XRP’s future.

Also Read: GameStop Jumps 300% As Roaring Kitty Takes Huge GME Call Options

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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.