Altcoins
XRP Whales Acquire Over 300 Million Tokens as Altcoin Joins Rally: What Do They Know?
XRP surged 6% as whales piled up.
At press time, market sentiment was tilted toward greed.
For much of the month of May, Ripple [XRP] performance could be described as disappointing, with difficulty surpassing key support levels.
Yet the last 24 hours have painted a different picture, thanks to general market sentiment.
XRP jumped 6%, suggesting a recovery could be on the cards. But the real action comes from the big players in the XRP market: its whales.
Whale triggers price surge?
Typically, XRP whales are among the most active in the entire market, but the token almost never moves due to their actions.
A transaction what caught the eye was a whopping 250 million XRP, valued at over $135.7 million, from Coincheck to an unknown wallet.
An additional 33 million XRP, worth $17 million, was transferred at Bitstamp, an exchange linked to Ripple. Then, an additional 50 million coins, worth $27 million, were sent from Ripple itself to an unknown wallet.
All of these transactions took place on May 20.
However, the timing of these whale activities is not what triggered XRP’s gain.
With Bitcoin [BTC] recently passed the $70,000 mark and Ethereum [ETH] crossing $3,500, major cryptocurrencies injected a dose of bullish sentiment across the board.
The crypto market often echoes the performance of Bitcoin and Ethereum. The question now is whether XRP’s rise is a temporary burst or the start of a sustained rally.
The Fear and Greed of XRP Hint was at 63% greed at press time, representing strong bullish sentiment.
What to expect from XRP
Change machine data shows that trading volume for XRP jumped 113.84%. Open interest is up 12.64%, standing at $646.30 million, meaning traders are bracing for a rally.
The data suggests bullish sentiment among traders, especially top traders on Binance, which could indicate a positive outlook for XRP price in the near term.
Source: Coinglass
The XRP/USDT chart shows that XRP has seen notable volatility over the past month, ranging mainly between $0.48 and $0.56.
Recently, XRP made a notable move, peaking near the upper end of this range at around $0.5436.
Source: TradingView
Price action showed strong buying interest near the lower end of this range, with steady recovery after a dip below $0.50.
Looking ahead, if XRP can hold above $0.55, it could challenge resistance at $0.60. A successful breakout above could take the coin as high as $0.80.