Altcoin
Whales Shuffle 320 Million Coins Amid Price Turbulence, What’s Next?
In an unprecedented development, it follows The one from Ondulazione Following the recent response to the SEC regarding the sealing of key relief documents in the XRP lawsuit, whale activity emerging in the broader cryptocurrency market has taken investors by storm. Notably, over 320 million XRP was recorded to have been moved by whales in the past 24 hours, with stockpiles and dumps occurring alongside it.
This phenomenon has sparked great interest among cryptocurrency market enthusiasts as investors continue to speculate on the future price movements of XRP. So, let’s delve into these whale transactions, which have triggered an all-out market mania surrounding the Ripple-backed asset despite recent price fluctuations.
Peaks of whale activity: over 320 million coins moved
According to insights offered by blockchain transaction monitoring platform Whale Alert, 320 million XRP has been recorded moved in the last 24 hours. It’s worth noting that cryptocurrency town was already abuzz with Ripple’s “response letter” countering the SEC, while these whale transactions added to the buzz orbiting XRP.
Two major whales have been at the forefront of this activity, with one renowned address continuing to sell tokens to Bitstamp and Bitso, while the other has amassed huge amounts of XRP from Kraken, a cryptocurrency exchange.
Notably, the whale ..Rzn, transferred 58.19 million XRP to Bitstamp and Bitso collectively via two transactions. On the other hand, whale raFi32M has amassed a whopping 262.57 million XRP from Kraken in a single transaction.
Interestingly, the massive buildup has undermined sell-off transactions, instilling investor optimism for XRP’s future movements. Meanwhile, recent reports from CoinGape Media have highlighted similar enormities You accumulate XRP in May, mainly when the token fell below the $0.53 price level. Even today, data shows that the colossal accumulation occurred when XRP fell below the $0.53 price level.
This could suggest large-scale investor confidence in pumping XRP far above current price levels. Meanwhile, as of this writing, the token continues to show slow movement.
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XRP Price Collapses, What’s Next?
While writing, the XRP token price has registered a decline of 1.33% in the last 24 hours and is currently trading at $0.5189. The token’s price collapse mostly aligns with the broader one cryptocurrency market movement today, while on-chain data further rationalizes the slow movement.
The OI of XRP futures shows a decline of 3.48%.
Today, $603.46 million, followed by a decline in derivatives market volume by 0.57% to $817.80 million. This underlined reduced investor enthusiasm for the asset in the futures market, in line with the token’s downward movement.
Furthermore, the RSI stood at around 46, underlining that the asset is neither overbought nor oversold, although it could witness a slight downward pressure. Crypto market participants continue to view the future of XRP as uncertain, while massive accumulations over the past few days, like the one mentioned above, have actually added a bullish touch to the token’s future. It’s also worth noting that a couple of analysts expect the Digital asset supported by Ripple Labs to surpass $1 in a short time.
Ripple’s response to the US SEC adds a layer of intrigue to the matter.
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