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Whales Move 80 Million Coins Amid Ripple Liquidity Boost, What’s Next?
In a gripping turn of events, XRP, the Ripple Labs-backed cryptocurrency, has taken cryptocurrency investors by storm with massive whale moves posting attention-grabbing escrow transactions and price volatility. On-chain data shows that nearly 80 million coins were shuffled against the backdrop of billions of XRP escrow blocks and unlocks recorded over the weekend.
This dramatic turn of events has sparked a flurry of speculation among cryptocurrency market participants about the future price trajectory of XRP, which is already shrouded in uncertainty due to the ongoing legal skirmish between Ripple and the US SEC
. Here is a concise report on the whale activity and massive escrow transactions that took place over the weekend, further increasing the unpredictability of XRP’s future.
80 million XRP moved by whales, billions mixed in escrow
According to data revealed by Whale Alert, an on-chain transaction tracker, 80 million coins were moved from XRP whales after 1 billion XRP was unlocked from escrow and 800 million coins were locked in the same. Meanwhile, among the 80 million coins mixed together, one whale accumulated while the other dumped XRP on exchanges. This has added a layer of intrigue to the future price movements of the Ripple-backed asset.
At the same time, weekend data shows that 1.2 billion coins were initially moved to Ripple. Additionally, 1 billion tokens were unlocked from escrow at unknown wallets while 800 million XRP were locked in escrow at Ripple
. These transactions, overall, have further shrouded XRP’s future price movements in a cloud of uncertainty.
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The XRP price consolidates, what are the prospects?
At the time of writing, The price of XRP it settled at $0.5173, down 2.01% over the past 24 hours. The token’s 24-hour lows and highs are $0.5093 and $0.5194, underscoring an extremely tight trading session for the coin. Furthermore, the weekly charts show a price trajectory moving sideways, keeping cryptocurrency market investors on their toes.
On the other hand, Coinglass data reveals a significant increase in OI of XRP futures, up 2.30% to $630.56 million, followed by a notable 118.50% increase in market volume derivatives at $597.14 million. This surge underlines the intensified trading activity in the derivatives market, accompanied by growing investor interest in the asset.
On the other hand, the RSI emerged around 46, signaling broader neutrality with slight downward pressure on the asset. These conflicting market technical factors have triggered a wave of speculation and uncertainty regarding the future of XRP.
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