XRP price faces immense turbulency as whales simultaneously dump and accumulate the Ripple-backed asset. XRP traded at $0.47, with the derivatives market witnessing a frenzy. By Coingape Staff 15 hours ago
Highlights
- XRP whales have taken action to move nearly 85 million coins in the past 24 hours.
- The whale transactions underscore accumulations and dump in hand.
- XRP price trades sluggishly at $0.47.
XRP, one of the top cryptocurrencies by global market cap, has once again sparked a storm of speculations across the broader market. The Ripple-backed crypto’s price noted a significant dip, occurring in tandem with mixed whale transactions recorded over the past day. Notably, on-chain data indicated approximately 85 million coins accumulated and dumped in hand amid XRP’s slip to the $0.47 price level. This has caused a flurry of inferences on the asset’s future market performance.
Whales Transfer 85M Coins ‘to-and-fro’ CEXs
According to data from Whale Alert, 85.26 million XRP has been collectively shuffled between wallets and exchanges in the past 24 hours. These whale transactions include accumulations & dumps in hand.
Data illustrates that 30.82 million XRP, worth 14.87 million, was shifted to Bitstamp by a renowned XRP whale,…Rzn. Subsequently, two other well-known XRP whales bagged 28.21 and 26.23 million tokens, respectively.
It’s worth mentioning that CoinGape Media previously spotlighted the abovementioned whales accumulating XRP as hoarding colossal amounts of the asset in recent days. This adds an optimistic tint to the token’s future price endeavors, underscoring whales’ confidence in the asset.
However, battling buying and selling pressure simultaneously, as with the abovementioned transactions, XRP faces heightened turbulency. Although this slump aligns with the broader crypto market trend, speculations over the implication of whale transfers on the asset also persist.
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XRP Price Slips
As of writing, the XRP price fell 2.51% to trade at $0.476. The token’s 24-hour lows and highs were $0.4693 and $0.4868, underlining a highly volatile movement.
However, the derivatives market saw increased investor enthusiasm as XRP’s Futures OI jumped 3.26% to $575.95 million, followed by a derivatives volume upswing of 364.09% to $1 billion. Nonetheless, the price struggled as RSI hovered near 38, underscoring the presence of downside pressure on the asset. This data, collectively, births contrasting sentiments on the asset’s future price performance.
Meanwhile, a recent XRP price analysis by CoinGape Media further shows that crypto market bears may lose control of the Ripple-backed asset, paving the way for a potential pump ahead.