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80 Million Coins Transferred As Price Crosses $0.52, Price To Sustain Momentum?
XRP Price: Ripple Labs’ crypto token, XRP, has once again raised eyebrows across the industry. Against the backdrop of significant upward momentum taken by the token, which surpassed the $0.52 mark, whale activity increased significantly, causing a whirlwind of speculation among cryptocurrency market participants.
On-chain data illustrates nearly 80 million coins moved back and forth on exchanges by whales, large-scale cryptocurrency investors. This has drawn significant attention to the Ripple-backed asset, one of the top 10 cryptocurrencies by market capitalization.
It is worth noting that despite a lackluster performance caused by the legal dispute between SEC and Ripple Labs, XRP maintained its position at the top.
80 million coins mixed up: what’s happening?
According to data from crypto transaction tracker Whale Alert, 79.8 million XRP coins have moved between wallets and exchanges in three transactions over the past 24 hours. Two of these transactions resulted in a massive build-up of XRP, while a major XRP whale has consistently moved coins across exchanges, sparking significant investor interest in the market.
Addresses rfQ9EcLkU and rarG6FaeYh have accumulated 25.22 million and 26.26 million coins respectively from Binance, the world’s leading CEX. Meanwhile, address …Rzn, a renowned XRP whale, moved 28.32 million XRP to Bitstamp, a CEX based in Luxembourg City. These transactions, emphasizing buildups and dumps in tandem, have sparked mixed feelings among traders and investors.
Furthermore, speculation about the future price trajectory of XRP has further grown Ripple colossal amounts of XRP have recently been recorded moving back and forth into escrow. As a monthly strategic engine, Ripple unlocks 1 billion XRP, influencing the token’s market dynamics.
Subsequently, the Ripple-backed digital asset gained momentum, with the price crossing the $0.52 mark today.
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Will XRP price maintain a break above $0.52?
Meanwhile, CoinMarketCap chart shows that the token is struggling to maintain a position above the $0.52 level. XRP traded as low as $0.5225, before falling to equivalent lows of $0.517 over the past day.
At press time, The price of XRP it settled at $0.52, up 0.45% over the past 24 hours. The token’s market capitalization was $28.83 billion.
However, derivatives data hinted that mixed investor sentiments prevailed in the market. OI futures fell 2.67% while volumes registered an increase of 1.42%. These conflicting interests could further drive the token’s turbulent price action.
Meanwhile, the RSI (47) hinted that XRP is neither overbought nor oversold, with slight downward pressure. This could mean that a resilient bullish move for the Ripple-backed digital asset at this time could be difficult.
However, market optimism regarding the token’s potential to reach the third wave goal of $1 higher remains persistent. It’s worth mentioning You accumulate XRPparticularly from Binance, have increased significantly in recent days.
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