XRP Surges Amid Bearish Market: Whales Move 80 Million Coins

XRP's Bullish

XRP, a cryptocurrency with a large market cap, has stood out in the crypto industry on June 18. Despite the general downward trend in the market, XRP has traded positively with noticeable ups and downs, attracting considerable attention from investors.

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During this turbulent market phase, XRP has witnessed significant movement among major holders, who transferred nearly 80 million coins between wallets and exchanges. This has led to speculation among traders and investors about where the digital asset’s price might head next.


Whale Transactions Impact XRP: Mixed Sentiments and Price Moves

According to Whale Alert data, significant whale transactions have reshuffled 80.34 million XRP over the past 24 hours. Two of these transactions involved large dumps of tokens onto exchanges, while one showed accumulation of XRP by a whale.

One prominent XRP whale, identified as …Rzn, transferred 28.24 million XRP (worth $14.62 million) to Bitstamp and 19.96 million XRP (worth $10.33 million) to Bitso. Additionally, another address, rarG6FaeYh, historically associated with accumulating large amounts of XRP, acquired 32.14 million coins (worth $15.67 million). These movements have triggered varied sentiments among crypto market participants.

During this period, the price of XRP has fluctuated between red and green territories, reflecting the mixed sentiments prevailing in the broader crypto market.

XRP Price and Market Activity Overview

As of writing, XRP has risen by 0.58% over the past 24 hours, reaching $0.4941, amidst a predominantly bearish crypto market. The token’s price fluctuated between $0.4808 and $0.5194, highlighting its volatile nature.

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XRP’s trading volume spiked by 242.21% from yesterday, drawing attention as it surged while major cryptocurrencies like BTC and ETH declined. Coinglass data indicated reduced investor interest, with Futures Open Interest (OI) down 0.41% to $559.98 million. However, derivatives market activity increased significantly, with volume up 337.97% to $3.25 billion, reflecting uncertainty in the market.

The Relative Strength Index (RSI) around 45 suggests XRP is neither overbought nor oversold, with slight downward pressure. Despite this, industry participants remain optimistic about XRP’s potential, fueled by the introduction of the RLUSD stablecoin and ongoing developments within the XRPL (XRP Ledger).


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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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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