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Token breaks $0.45 resistance amid whale activity. What next?
XRP News: Ripple’s native cryptocurrency has garnered considerable market optimism today as it reclaimed the $0.45 price level despite massive whale dumps. Notably, 68 million coins have moved across two centralized exchanges in the past 24 hours, regardless of which token has seen gains. This news, which came amid the impending conclusion of Ripple’s lawsuit, has generated a torrent of speculation about future price movements.
Here is a quick overview of the current market and on-chain statistics of the cryptocurrency.
Whale dumps 60 million coins on CEX
In the latest XRP news, Whale Alert reported that the renowned Rzn address has collectively moved 68.13 million coins to Bitstamp and Bitso CEXs over the past day. The first transaction reported 34.23 million coins, worth $14.88 million, moved to the Bitso cryptocurrency exchange. Meanwhile, the second transaction reported 33.90 million coins, worth $14.75 million, moved to the Bitstamp exchange.
These transactions, which underscore the presence of significant selling pressure on the asset, have failed to push the price down. The Ripple-backed cryptocurrency has, in turn, defied the usual market sentiments, gaining unprecedentedly today.
Meanwhile, CoinGape Media has previously reported that the above mentioned XRP Whale address has been making similar recurring dumps for quite some time. This has added a level of intrigue to the whale’s movements and potential motive, painting an uncertain scenario as to whether the dump is due to a loss of interest in the asset or a broader approach to another strategic move.
At the same time, with the impending end of the Ripple vs SEC lawsuitCryptocurrency market participants are closely watching the on-chain movements, as the price could undergo a radical change.
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XRP Price Springs
At press time, the XRP Price saw a notable 3.12% increase in value to trade at $0.4515. The token’s 24-hour lows and highs were recorded at $0.4317 and $0.4528, respectively.
Coinglass data showed a 4.45% increase in the coin’s futures OI to $471.07 million, followed by a 25.16% increase in derivatives volume to $916.56 million. Along with today’s price surge, derivatives data suggested a bullish market trend for the Ripple-backed asset.
Additionally, it is worth mentioning that the RSI has moved along the 45 mark, suggesting that the asset is currently neither overbought nor oversold. The token is currently awaiting a potential takeover by bulls or bears, paving the way for further price changes in the future.
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