XRP Whales Shuffle 118 Mln Coins As Price Nears $0.7, What’s Next?

In an exciting turn of events, following a remarkable month witnessed by XRP as its price soared nearly 30%, a noteworthy rise in whale activity appears to be piquing the interest of crypto market traders and investors globally. This burgeoning whale activity hovering over the crypto horizon, while the Ripple-backed token continues to pave its way toward the $0.7 mark, birthed a tidal wave of speculation for XRP across the vast sea of crypto.

XRP Whale Activity Ignites Optimism

According to the insights offered by the blockchain tracking platform Whale Alert, XRP noted six massive whale transactions over the past 24 hours, collectively transferring 117.92 million coins. Five of these transactions showcased colossal accumulations from Binance, the world’s leading cryptocurrency exchange, whereas one showcased a significant dump to Bitstamp, a Luxembourg City-based CEX.

Numerous whale addresses collectively accumulated 95.2 million XRP from Binance, whereas a renowned XRP whale transferred 22.6 million XRP to Bitstamp. These colossal accumulations garnered noteworthy attention among crypto market investors globally, hinting at a bolstered sense of confidence among whales for the Ripple-backed digital asset. Meanwhile, the renowned XRP whale’s dump to Bitstamp has emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in the CEX, signaling efforts to regulate the token’s supply.

With XRP showcasing phenomenal monthly and weekly gains, per CoinMarketCap’s data, these accumulations further fell in line with the market optimism for the Ripple-backed token.

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XRP Price Jumps

As of writing, the XRP price noted a jump of 0.39% over the past 24 hours and is currently trading at $0.6966. With a weekly surge of 18.30%, further accompanied by a monthly upswing of 31.29%, the token continued its movement toward the $0.7 mark, birthing a torrent of bullish buzz for a potential run to the $1 mark as well. With increased on-chain whale activity showcasing accumulations primarily, as seen above, market experts speculate about future pumps for the token.

However, derivatives data unveiled by Coinglass hinted that a consolidatory phase might be imminent, as open interest and volume dipped 1.83% and 33.25%, respectively. This hinted at a substantial decline in money entering the derivatives market, with investors showcasing sentiments of closing positions. Crypto market enthusiasts extensively eye XRP for further price action shifts as even though derivatives data signals a tint of bearishness, a tidal wave of optimism orbiting the Ripple-backed token’s potential run to $1 persists.

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