XRP echoed a sense of frenzy across the broader crypto market today as whales shifted colossal amounts of tokens amid XRP’s price drop. By Coingape Staff 6 hours ago Updated 2 hours ago
Story Highlights
- XRP whales active again as 67 million coins on the move.
- A mixed sentiment among whales prevails, stirring speculations over XRP pump or a slump ahead.
- XRP price slips today, although on-chain data further signals a mixed sentiment within the market.
In a riveting turn of events witnessed recently, following the easing up of regulatory tensions in the SEC vs Ripple lawsuit, burgeoning XRP whale activity recorded over the past 24 hours nabbed significant attention among traders and investors globally. These transactions, showcasing roughly 67 million coins relocated, gradually gained immense traction as the crypto landscape recently witnessed a massive crash, pulling nearly all crypto prices down. Amid this crash, even XRP’s price bore the brunt of the massive selloff, trading in the negative territory today.
Meanwhile, aligning with XRP’s price plunge, these transactions additionally stirred a whirlpool of speculations among crypto market enthusiasts globally, as the Ripple-backed token recently rode the bullish market wave of a potential run to $1. Following the showcasing of notable gains over the past few days, this drop to $0.63 has kept investors on their toes, with derivatives data further hinting at mixed sentiments within the market.
XRP Whale Transactions: In-Depth Report
According to the data revealed by the blockchain tracker Whale Alert, among the three transactions that shifted 67.39 million XRP in the past 24 hours, two showcased massive dumps to CEXs, whereas one showcased a colossal accumulation from Binance, one of the world’s leading cryptocurrency exchanges.
The accumulation from Binance totaled 16.99 million XRP, worth $11.35 million, noted to be done by the address rhWj9gaovw…GRbuXFLQkK. Whereas, the dumps to CEXs Bitstamp and Bitso were done by the address ….Rzn, which was previously recorded for making similar transactions. The dump to Bitstamp totaled 22.8 million XRP, worth $15.21 million, whereas the dump to Bitso totaled 27.6 million, worth $18.6 million.
Intriguingly, the dumps align with XRP’s fall today, showcasing an increase in the coin’s supply amid today’s crypto market crash, while with the accumulation weighing in, a sense of mixed sentiments among whales for the Ripple-backed digital asset persisted.
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XRP Dips
As of writing, the XRP token’s price noted a substantial plunge of 6.89% over the past 24 hours and is currently trading at $0.636. This plunge, followed by the token’s derivatives data, birthed a tidal wave of inferences among crypto market investors.
Notably, Coinglass showcased a 9.93% decrease in open interest, whereas volume surged 115.13%. This illustration of money moving out from the market while market activity significantly rose suggested that bulls or bears might take control at any moment, further aligning with the whales’ mixed sentiments on the asset.
Although the price currently trades in the red, an OI-weighted funding rate rise to 0.0706% adds to speculation about future price action shifts.