In a remarkable shift of events, XRP, a cryptocurrency backed by Ripple Labs, recently took the cryptocurrency world by storm. Its price showcased signs of a recovery, regaining upward momentum and topping the $0.63 mark as of press time.

Amid this recovery witnessed within the broader crypto market, enormous whale activity hovering over the crypto horizon nabbed significant investor attention. 75 million XRP on the move, per market data, curated a tidal wave of speculations among crypto enthusiasts surrounding XRP’s current tokenomics, questioning the Ripple-backed token’s price action ahead.

XRP Whale Transactions Portay A Mixed Sentiment Among Whales

According to the insights streamlined by the blockchain tracker Whale Alert, three massive transactions collectively aided in the transfer of 75 million tokens. Two of these transactions showcased a renowned XRP whale offloading XRP to CEXs. Meanwhile, an unknown address accumulated XRP from Upbit, another CEX.

30 million XRP, worth $19 million, was noted to be bought by the address r3oWusPeT9…RNHs4AWfTv, whereas the XRP whale, …Rzn, shifted 22.15 million XRP, worth $13.94 million, to Bitstamp and 23.20 million XRP, worth $14.89 million, to Bitso.

This showcased a mixed sentiment among XRP whales, as the transactions above illustrated an accumulation and dump in hand. Meanwhile, while the dump stirred speculations over a bearish market trend, the notable accumulation, coming in tandem with XRP’s price upswing, birthed bullishness.

XRP’s market data further fueled this bullishness today.

Also Read: Polkadot Launches PINK Memecoin, Airdrops to Parachain Teams

XRP Price Springs

As of writing, XRP token’s price noted a substantial 4.49% upswing in the past 24 hours and is currently trading at $0.6351. With a market cap jump of 4.50%, escorted by a 24-hour trading volume surge of 7.74%, the Ripple-backed token curated bullish waves across the boundless realm of crypto.

Intriguingly, Coinglass spotlighted a substantial 8.26% surge in XRP’s open interest, accompanied by a volume rise of 14.92%. Adding on to the token’s bullish stance in the market, coupled with an OI-weighted funding rate jump to 0.0316%, this hinted at considerable new money inflow in the derivatives market, increased market activity, and a heightened sense of readiness among investors to invest more in long positions.

In the interim, technical indicators showcased a buying sentiment for the token prevails in the market, per Trading View’s data, pointing to further potential gains. Notably, a layer of optimism surrounding XRP’s run to $1 in April already prevails within the broader market. With current market data further weighing in, crypto market enthusiasts continue extensively eyeing the token for future price action shifts.

Also Read: FTX Estate Anticipates Cut in US Claims to $3B-$5B Amid Bankruptcy

The post XRP Whales Reshuffle 75 Mln Coins As Price Regains Momentum, What’s Next? appeared first on CoinGape.

---

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