XRP Whales Transfer 64M Coins As Price Regains Near $0.5 Support, $1 Possible?

Against the backdrop of the crypto market’s recovery following yesterday’s slump, XRP price has once again piqued significant investor attention. Trading near its vital support of $0.5, the token has recorded a notable spike in whale activity as nearly 64 million coins were shifted back and forth exchanges. This chronicle has sparked a flurry of speculations on the coin’s potential to scale its much-awaited wave three target of $1 ahead. XRP price currently bears the brunt of a lawsuit between the Ripple and U.S. SEC. Nonetheless, here’s a closer look into the token’s market stats.

Whales Shuffle Coins Igniting Mixed Market Sentiments

Notably, whale data hovering over the crypto horizon suggests that 64.17 million XRP was shifted to and fro centralized exchanges, underscoring accumulation and dump in hand. This has caused a stir among crypto market participants gauging in on whale data to speculate on the asset’s market sentiment.

According to data revealed by the on-chain tracker Whale Alert, 32.57 million XRP, worth 15.72 million, was dumped to Bitstamp, a Luxembourg city-based crypto exchange. The renowned XRP whale …Rzn, was recorded to be making the transaction.

Meanwhile, 31.60 million XRP, worth $15.85 million, was recorded to be accumulated via Binance, the world’s leading crypto exchange. The address rarG6FaeYh, previously known for sacking colossal amounts of XRP, made the buying transaction.

These transactions, illustrating both buying and selling in hand, showcase a sense of mixed belief in the asset’s potential to offer gains. Besides, recent on-chain data underscores the presence of bullish factors for XRP, adding to these speculations as price struggles after nearing the $0.5 level despite some bullish presence.

Also Read: ETH Price Shoots 5% As SEC Ends Ethereum Investigation, Whale Activity Jumps

XRP Price Consolidates

As of writing, the XRP price has illustrated a tight trading session in the past 24 hours, down 0.20% to $0.4936. The token’s 24-hour lows and highs are $0.4773 and $0.5078, respectively.

Market sentiments have taken a paradigm shift orbiting XRP, as the U.S. SEC recently announced to lower its proposed settlement offer from $2 billion to $102.6 million. Following this legal development, XRP OI saw a notable spike, underscoring increased investor interest in the asset.

Coinglass data illustrated that the XRP futures OI rested at the $560 million mark today. This hints at market optimism persisting for the asset, particularly within the derivatives market.

However, the RSI continued to rest along a neutral territory, at 45, contrary to the bullish factors. This has painted an uncertain picture for XRP’s potential to hit $1 ahead, although further buying is sure to propel a price rally in XRP.

Renowned analysts had previously anticipated the Ripple-backed asset to hit $1 in April, however the sluggish price action has kept that from happening. Crypto market enthusiasts continue to eye XRP for further price action shifts.

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