XRP, a cryptocurrency backed by Ripple Labs, curated a tidal wave of inferences among crypto market traders and investors today, as its price rebounded substantially following the recently witnessed crypto market corrections. Amid this substantial upward momentum noted by XRP, nearly 46 million tokens were shifted to CEXs in the past 24 hours, raising concerns over the Ripple-backed token’s price action ahead.

Meanwhile, the SEC recently appealed Judge Torres to approve the final judgment against Ripple in the XRP lawsuit, adding to the enigmatic market scenario for XRP. The Ripple-backed token traded quite sluggishly promptly after the SEC engaged in a legal tussle with XRP, keeping investors on their toes across the global crypto realm.

With the token gaining upward momentum, coupled with the SEC’s recent legal appeal and today’s whale activity, a cyclone of speculations continued surrounding XRP.

XRP Whale Activity Contrasts Price Action

According to the insights revealed by the blockchain tracker Whale Alert, 46.25 million coins were shifted to CEXs Bitstamp and Bitso via two transactions in the past 24 hours. The first transaction showcased 24 million coins transferred to Bitso, a Mexico City-based CEX, whereas the other transaction illustrated 22.25 million coins shifted to Bitstamp, a Luxembourg City-based CEX.

Notably, both transfers were done by the unknown wallet address, …Rzn. As reported by CoinGape Media earlier, the same address shifted colossal amounts of tokens to the same CEXs over the past few days.

Intriguingly, this recurring phenomenon emerged soon after Ripple’s strategic stake acquisition in the abovementioned CEXs, stirring speculations over the whale’s selloff coming as an effort to regulate the token’s market supply.

Meanwhile, XRP prominently traded in the green, contrasting usual market sentiments of a price slump following the dump to CEXs. This appears to result from a multitude of bullish market dynamics.

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XRP Price Springs

As of writing, the XRP price noted a substantial jump of 2.31% over the past 24 hours and is currently trading at $0.6456. Notably, the token even topped the $0.65 mark today, per CoinMarketCap’s data. Coupled with a market cap jump of 2.33% and a 24-hour trading volume surge of 65%, XRP took a bullish stage today.

Derivatives data unveiled by Coinglass spotlighted a notable 10.49% increase in the token’s open interest, accompanied by a 77.66% rise in the derivatives volume. This further fueled bullishness on XRP, hinting at an uptrend for the Ripple-backed token in the market. Coming in sync with the uptrend in the broader crypto market, XRP showcased potential to pump further, with RSI hovering at 54, signaling neither an overbought nor an oversold region.

This collectively paints a bullish portrait for XRP today, echoing optimism among for future gains ahead. However, the court’s decision surrounding the SEC vs Ripple lawsuit remains crucial for further price action shifts in the market.

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The post XRP Price: 46 Mln XRP Selloff Stirs Speculation As Price Rebounds, What’s Next? appeared first on CoinGape.

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