On-chain data shows nearly 100 million XRP coins were accumulated in the past 24 hours, despite price fluctuations. XRP traded at $0.51 today, June 1. By Coingape Staff 2 days ago
Highlights
- Whales have accumulated nearly 100 million XRP coins from Binance, causing a stir in the crypto community.
- The transactions add a layer of intrigue to future price movements, although usual market sentiments remain optimistic.
- XRP witnesses a tight trading session today.
In a riveting turn of events, despite XRP’s recent price volatility, slightly above 100 million coins have been noted to be accumulated in the past 24 hours, causing a bustle among crypto market traders and investors. On-chain data surfacing across the crypto market shows $52 million worth of XRP coins bought by whales from one of the world’s leading exchanges, Binance.
These whale transactions have fueled market sentiments of a potential incoming price rally for the Ripple Labs-backed cryptocurrency. Meanwhile, it’s worth remembering that the token is much-anticipated to top its wave three price target of $1 amidst this bull cycle.
Whale Transactions Ignite Bullish Hope
Specifically, data from the on-chain transaction tracker Whale Alert reveals that two whales from Binance were responsible for this significant accumulation. The first transaction involved the movement of 50.30 million XRP to the address rfQ9EcLkU6…eN47Rk8Cvi, while the second transaction saw the transfer of an equal amount to the address rarG6FaeYh…gFsPn2bZKk. Interestingly, both of these wallets were activated on the same date, per Bithomp’s data, adding a layer of intrigue to the motives behind these transactions.
Meanwhile, usual market sentiments voice optimism with such colossal accumulations coming into play. It’s worth noting that the abovementioned number of coins were accumulated while XRP traded at the $0.51 price level.
Recent reports by CoinGape Media have further pointed out that XRP accumulations have been on the rise in recent days near similar price levels. This phenomenon, emerging in tandem with a $1 price target optimism prevailing in the market, has generated considerable market optimism for the Ripple-backed token.
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XRP Price To Rally?
As of writing, XRP traded at $0.5187, portraying a flatline trading session today. The token’s 24-hour lows and highs were $0.5127 and $0.5241, respectively.
Simultaneously, the crypto’s futures OI jumped 2% to $616.16 million, hinting at increased investor enthusiasm in the futures market. However, the derivatives volume plunged 9%, indicating reduced market activity.
This data further aligns with XRP’s tight trading session witnessed today. However, the RSI hinted at slight downward pressure with broader neutrality, hovering near 46.
Collectively, data has shrouded the token in a cloud of speculations, although massive accumulations glimmer hope for XRP’s future across the crypto horizon.