In a thrilling plot twist witnessed within the cryptocurrency realm, an XRP whale’s colossal transfers to CEXs appear to be gaining significant traction as the Ripple-backed token regained an upward momentum today, topping the $0.6 mark. Insights revealed by the blockchain tracker Whale Alert showcased nearly 45 million XRP on the move, stirring a whirlpool of speculations among crypto market enthusiasts globally.

Today’s XRP Whale Activity

Following the sluggish performance showcased by XRP due to legal disparity between Ripple and the US SEC, a recent pump, with the token even scaling $0.7 on March 12, amassed significant attention among crypto market traders and investors. Today’s whale transactions, however, illustrating a reaction contrary to the pump, surfaced, birthing a torrent of inferences across the broader crypto market.

Whale Alert’s data spotlighted two significant transfers, collectively showcasing 44.9 million coins shifted. The first transaction showcased 19.3 million coins, worth $11.86 million, transferred to Bitso, whereas another illustrated the transfer of 25.6 million tokens, worth $15.77 million, to Bitstamp.

These transactions promptly piqued investors’ interest, as the whale’s loss of confidence in the Ripple-backed digital asset emerged soon after the token crossed $0.6. Although the broader market remained optimistic on the pump, the whale’s significant offloading painted an enigmatic scenario for XRP.

Meanwhile, another tidal wave of optimism orbiting the token’s run to $1 in April appears to have echoed a sense of frenzy across the cryptocurrency landscape. Leading analysts’ retained bullishness on XRP’s run to $1 catalyzed this optimism.

Also Read: Crypto Prices Today March 21: Bitcoin Surges To $66K, Ethereum At $3500, PEPE & FLOKI Rally

XRP Jumps

As of writing, the XRP token’s price noted a substantial 4.49% upswing in the past 24 hours and is currently trading at $0.6069. With the token’s open interest up and volume down in the derivatives market, investor sentiment for holding long positions, although reduced immediate trading activity, prevailed. The RSI, hovering at around 48, hinted that the asset is neither overbought nor oversold.

Collectively, when the abovementioned data comes in tandem with the price upswing, a signal towards some buying pressure in the market despite low trading activity persists. This is potentially driven by investors holding their positions, betting on the bullishness birthed with XRP’s potential and imminent $1 hype.

As a whole, this painted an optimistic outlook for the token ahead, even though the aforestated whale’s offloading added a tint of bearishness. However, crypto market enthusiasts continue to eye the Ripple-backed token extensively, expecting future price action shifts.

Also Read: Coinbase Executive Defends Ether Against the SEC’s Attack on Ethereum ETFs

The post XRP Whale Shifts 45 Mln Coins As Price Tops $0.6, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am