Recently, the price of XRP witnessed a significant surge, accompanied by the movement of a substantial amount of XRP coins. According to data from the blockchain tracker Whale Alert, approximately 42.6 million XRP tokens were transferred in two transactions. In the first transaction, 18.5 million XRP, valued at $11.49 million, was sent to Bitso, a cryptocurrency exchange based in Mexico. The second transaction involved the transfer of 24.04 million XRP, worth $14.8 million, to Bitstamp, a Luxembourg City-based exchange.

These large-scale movements of XRP have triggered speculation among market enthusiasts regarding the sentiment of whales, who are individuals or entities holding significant amounts of cryptocurrencies. There are discussions about the potential impact of these transfers on the future price action of XRP. Additionally, the enigmatic nature of on-chain metrics and positive sentiment in the derivatives market further add to the speculation surrounding XRP’s future trajectory.

XRP Price Surges Amidst Increased Investor Sentiment

The price of XRP has experienced a notable surge, with a 2.37% increase in the past 24 hours, bringing its current trading price to $0.6213. Despite reduced immediate trading activity, there is prevailing investor sentiment for holding long positions in the derivatives market. Analysis of open interest and trading volume indicates a positive outlook, with the current open interest standing at $685.7 million, reflecting a 0.06% 24-hour change.

The Relative Strength Index (RSI) hovering around 48 suggests a balanced market, neither overbought nor oversold. Despite the relatively low trading activity, there is potential buying pressure driving the price surge of XRP.

Also Read: BIS Urges Urgent Regulation of Stablecoins Globally

Optimistic Outlook for XRP Amidst Price Rally and Investor Interest

Collectively, the recent surge in XRP price and increased investor sentiment paint an optimistic outlook for the cryptocurrency. Despite the whale’s offloading adding a hint of bearishness, there is significant interest from crypto market enthusiasts in XRP’s future performance.

Investors are betting on the bullish potential of XRP, with expectations of future price action shifts to a possible $1 price. As XRP continues to gain attention and traction amidst the evolving crypto landscape, there is anticipation for its continued growth and development.

Also Read: Crypto Firm Voyager Secures $484M for Creditor Repayment

The post XRP Whales Move 43 Mln Coins Amid Steady Price Rally, What’s Next? appeared first on CoinGape.

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