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The whale moves 60 million coins amidst the price flow, what will be the next step?
XRP, one of the top 5 cryptocurrencies by global market capitalization, has once again sparked a whirlwind of speculation among global cryptocurrency market participants. The token has defied broader cryptocurrency market trends with highly turbulent price movement over the past 24 hours, causing a stir in the cryptocurrency community.
Amidst this price volatility, a significant event occurred when a whale was observed dumping approximately 60 million XRP on exchanges. This in turn added a new level of intrigue to the token’s future price action.
Here is an in-depth report on the token’s current price movements and on-chain metrics.
XRP Whale Transfers Fuel Provocative Speculation
Notably, the token supported by Ripple Labs, XRP, runs on the layer 1 blockchain XRPLhas been grappling with a prolonged period of sluggish performance, mostly attributed to the legal dispute between Ripple and the SEC. This has cast a shadow over the token’s future, while whale activity has triggered a wave of further deductions over this period.
According to data highlighted by blockchain tracking platform Whale Alert, 59.07 million XRP was moved from a popular XRP whale, …Rzn, to a pair of CEX via two transactions in the last 24 hours. The first transaction illustrated 29.38 million XRP, worth $15.25 million, transferred to Bitstamp, a CEX based in Luxembourg City. While the second transaction showcased 29.69 million XRP, worth 15.42 million, transferred to Bitso, a Mexico City-based company CEX.
These transactions, emerging as a recurring phenomenon in the cryptocurrency sphere, have now gained global attention. In light of speculation regarding Ripple dumping XRP on the market, the above transactions famous XRP whale they echoed a buzz.
Interestingly, following Ripple’s strategic initiatives with Bitstamp and Bitso, these same-address transactions have gradually emerged as a recurring phenomenon in the cryptocurrency realm. This has given rise to further speculation about Ripple dumping XRP, although no concrete evidence has yet been provided.
While the broader market recovered today, these declines, increasing selling pressure for XRP, potentially represented a setback to the token’s price trajectory, preventing further gains.
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XRP price flows
While writing, the XRP token price has shown a marginal decline of 0.13% in the last 24 hours and is currently trading at $0.5166. Its 24-hour lows and highs are $0.5099 and $0.5216, respectively.
Looking at the broader timeframe charts, it appears that the Ripple-backed token is seeing a period of consolidation, with bulls and bears waiting to potentially take control of the asset. Coinglass data illustrated a jump of 1.51%. XRP’s open interestreaching $577.78 million, while derivatives volume fell 4.54% to $717.88 million.
Options volume fell 46.56% to $584.98, while open interest on options increased 15.02% to $290.99. This data, overall, further rationalizes the highly volatile price movement of XRP, potentially driven by speculative trading in the market.
Furthermore, the RSI stood at 44, suggesting that the asset is neither overbought nor oversold, with slight downward pressure in the market.
Also, the XRP blockchain XRPL it appears to be progressing with its crypto journey as well, although the token is under downward pressure. SBI Holdings’ crypto division today joined the layer-1 blockchain as a validator, instilling further hope for future endeavors surrounding the Ripple-backed token.
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