In the past day, there’s been a big increase in large transactions of XRP, with 67 million tokens moved around. This has caught the attention of crypto experts, leading to discussions. However, feelings in the market are mixed because of recent drops in cryptocurrency values.
After the SEC and Ripple resolved regulatory tensions, a surge in XRP whale activity has emerged in the last day, grabbing attention worldwide. About 67 million tokens were moved in these transactions, gaining traction amidst a broader crypto market downturn where most prices have dropped.
Ripple’s Trading and Whale Activity Speculation
Ripple’s recent trading in negative territory has sparked speculation among global crypto enthusiasts about a potential bullish wave for XRP, potentially propelling it towards the $1 mark. Despite recent gains, a drop to $0.63 has left investors anxious, while derivative data indicates mixed sentiments in the market.
Data from Blockchain tracker Whale Alert reveals three transactions moving 67.39 million XRP in the last 24 hours. Two large dumps to CEXs (centralized exchanges) were noted, while one showed significant accumulation from leading exchange Binance.
The accumulation from Binance, conducted by an anonymous address, totaled 16.99 million XRP valued at $11.35 million. Dumps to CEXs Bitstamp and Bitso were executed through the …Rzn address, known for similar transactions in the past. The dump to Bitstamp amounted to 22.8 million XRP valued at $15.21 million, while the dump to Bitso was 27.6 million XRP valued at $18.6 million.
Understanding XRP Market Trends During Dumping and Decline
The recent dumps align with XRP’s ongoing decline, indicating a rise in crypto supply during today’s market crash. However, the weight of accumulation reflects mixed sentiments among whales regarding the Ripple-backed cryptocurrency.
As of now, the XRP token has seen a significant drop of 6.89% in the last 24 hours, trading at $0.636. This decline, coupled with the token’s derivative data, has sparked speculation among crypto investors.
Coinglass data reveals a 9.93% decrease in open positions, alongside a 115.13% increase in volume. This surge in market activity, combined with money exiting the market, suggests that bulls or bears could seize control at any moment, reflecting whales’ uncertainty about the token.
Despite the current downward trend, the increase in the OI (Open Interest) weighted funding rate to 0.0706% raises speculation about potential changes in future price movements.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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