Altcoin
XRP Whales Acquire Over 300 Million Tokens as Altcoin Joins Rally – What Do They Know?
XRP rose 6% as whales piled up.
At the time of this writing, market sentiment was pointing towards greed.
For much of May, The one from Ondulazione [XRP] the performance could best be described as disappointing, with difficulty breaking above key support levels.
However, the last 24 hours have painted a different picture, thanks to overall market sentiment.
XRP is up a notable 6%, suggesting that a resurgence may be on the cards. But the real action comes from the big movers of the XRP market: its whales.
Does the whale trigger the price surge?
Typically, XRP whales are among the most active in the entire market, but the token almost never moves due to their actions.
One transaction what caught the eye was a whopping 250 million XRP worth over $135.7 million from Coincheck to an unknown wallet.
Another 33 million XRP, worth $17 million, was transferred to Bitstamp, an exchange with ties to Ripple. Then another 50 million coins were collected, worth $27 million envoy from Ripple itself to an unknown wallet.
All of these transactions occurred on May 20th.
However, the timing of these whale activities is not what triggered XRP’s gain.
With That of Bitcoin [BTC] recent rise above the $70,000 mark and Ethereum [ETH] climbing above $3,500, major cryptocurrencies injected a dose of bullish sentiment across the board.
The cryptocurrency market often echoes the performance of Bitcoin and Ethereum. The question now is whether XRP’s rally is a temporary slowdown or the start of a sustained rally.
Fear and greed of XRP Index at the time of this writing greed was at 63%, which represents strong bullish sentiment.
What to expect from XRP
Coinglass data shows that trading volume for XRP increased by 113.84%. Open interest increased by 12.64% to $646.30 million, meaning traders are preparing for a rally.
The data suggests bullish sentiment among traders, particularly among top traders on Binance, which could indicate a positive outlook for the price of XRP in the near term.
Source: Coinglass
The XRP/USDT chart shows that XRP has seen significant volatility over the past month, mostly ranging between $0.48 and $0.56.
Recently, XRP has made a notable ascent, peaking near the upper side of this range at around $0.5436.
Source: TradingView
The price action showed strong buying interest near the lower end of this range, with a steady recovery after dips below $0.50.
Looking ahead, if XRP manages to sustain above $0.55, it can challenge the resistance at $0.60. A successful break above could take the coin as high as $0.80.