XRP Price: Whales Shuffle 318M Coins as Price Holds $0.52 Support

Despite a bearish trend in the XRP price over the last 24 hours after bulls failed to breach the intra-day high of $0.5276, support at the intra-day low of $0.5276 managed to hold. This decline was accompanied by a surge in whale activity, as reported by the on-chain transaction tracker Whale Alert. 

At press time, XRP was still in a negative trend, with prices exchanging hands at $0.5204, a 1.16% decline from the intra-day high.

During this decline, XRP’s market capitalization fell by 1.11% to $28,869,150,197, while the 24-hour trading volume surged by 5.68% to $1,206,808,325. This trend suggests traders are taking advantage of the dip to accumulate more coins.

Source: CoinMarketCap

Whales Shift 318M Coins Amid XRP Price Correction

As per a recent report, significant XRP transactions were recorded, signalling considerable movement by cryptocurrency whales. An estimated 28,890,000 XRP, valued at approximately $15,025,812, was transferred from an unknown wallet to the cryptocurrency exchange Bitstamp. Shortly after, another substantial transfer involved 29,850,000 XRP, worth around $15,522,089, moving to the exchange Bitso. 

Concurrently, the trading volume for XRP derivatives has decreased by 1.61%, totalling $646.70 million. This reduction indicates a slowdown in trading activity or a consolidation phase in the market. Moreover, the open interest, which represents the total number of outstanding derivative contracts that have not been settled, has also fallen by 1.65% to $651.56 million, indicating a decrease in market participants or a reduction in new positions being opened.

Source: Coinglass

Amid this trend, options volume has decreased by 46.56% to $584.98, a notable drop that reflects a decrease in speculative activity or hedging strategies among traders.

Conversely, options open interest increased sharply by 15.02%, reaching $290.99K. This divergence between volume and open interest indicates that while fewer new options contracts are being traded, more positions are being held open, possibly as traders wait for a clearer signal in market direction.

XRP/USD Technical Analysis

On the XRPUSD price chart, the Moving Average Convergence Divergence (MACD) trend south and below its signal line in the negative region with a rating of -0.0006 indicating a potential continuation of the bearish rally in the XRP price.

This trend and the histogram shift in the negative region back the adverse trend signalling increasing selling pressure.

Source: TradingView

Moreover, with the Chaikin Money Flow (CMF) also in the negative region, money is flowing out the market indicating that more distribution is happening than accumulation which is a sign of selling pressure. However, since the Money Flow Index (MFI) is nearing the oversold region with a rating of 29.56, a potential reversal may be looming if buying interest returns.

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