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XRP Whale Moves 151 Million Coins as Price Rebounds to $0.51, What’s Next?
Against the backdrop of a slow trading session witnessed by XRP over the past week, the price of the Ripple-backed token regained upward momentum today, May 16, rebounding to the $0.51 price level. This phenomenon has attracted significant attention among cryptocurrency market participants globally, as whales have further shuffled a whopping 151 million XRP amid this notable price rally.
On-chain data hovering over the crypto horizon has revealed buildups and dumps of XRP in hand, sparking mixed market feelings about the token’s future price action. Here’s a deep dive into XRP’s on-chain data and recent price movements.
Whales move 151 million coins, spark speculation
Whale Alert, an on-chain analytics platform, reported a staggering 151.31 million XRP moved by crypto whales in the last 24 hours. These transactions, which indicate a mix of dumps and buildups, have left market sentiments on XRP’s future price action in a state of uncertainty.
According to the data, a popular XRP whale, …Rzn, has continued to dump significant amounts of XRP CEX Bitstamp and Bitso. Meanwhile, an unknown address, r99QSej32n, has been registered and has accumulated as much as 100 million XRP from Coinchecka Japanese cryptocurrency exchange.
Although the huge amount of tokens accumulated in the last 24 hours undermines the number of coins moved to Bitstamp and Bitso, it is worth mentioning that the famous whale XRP continuously downloads coins following Ripple’s strategic collaboration with the aforementioned CEXs. Collectively, this data suggests that the Ripple-backed token is seeing both buying and selling pressure in tandem, causing a flurry of mixed market sentiments among cryptocurrency market investors.
XRP price rise
At the time of writing, The price of XRP it jumped 3.97% in the last 24 hours and is currently trading at $0.5187. Its 24-hour lows and highs are $0.4984 and $0.5196, respectively.
At the time of writing, Coinglass data highlights a bullish market trend for XRP, with open interest rising 3.53% to $580.92 million, followed by an increase in derivatives volume by 9.80% to 831.97 million dollars. However, the RSI stood at around 49, suggesting that the asset is neither overbought nor oversold.
This has sparked a whirlwind of speculation about the future price action of the Ripple-backed token. Additionally, as May 20th approaches, the XRP community is preparing for new developments regarding the Ripple lawsuit against the US SEC.
In the meantime, XRPLthe layer 1 blockchain behind XRP, has recently undertaken a series of developments.
Read also: GameStop (GME) Frenzy Spreads Into Crypto Meme Coins, Watch Out Ahead?
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