The crypto market is buzzing with activity as a significant transfer of 151 million XRP coins has been recorded in the last 24 hours. This massive movement coincides with a notable price rebound for XRP, which has climbed to $0.51. Following a sluggish trading period over the past week, XRP has regained upward momentum on May 16, capturing the attention of crypto enthusiasts worldwide. The transfer of such a large volume of XRP by whales has added to the excitement, sparking discussions about the token’s future price action.
Whales Shift 151 Million Coins, Sparking Speculations
According to Whale Alert, an on-chain analytics platform, crypto whales have moved a staggering 151.31 million XRP in the past 24 hours. These transactions, which include both dumps and accumulations, have left the market uncertain about XRP’s future price movements.
One notable transaction involved a well-known XRP whale, identified as ...Rzn, who offloaded significant amounts of XRP to the centralized exchanges (CEXs) Bitstamp and Bitso. In contrast, an unknown address, r99QSej32n, accumulated 100 million XRP from Coincheck, a Japanese cryptocurrency exchange.
Despite the large number of tokens accumulated, the number of coins moved to Bitstamp and Bitso is significant. It is important to note that the renowned XRP whale has been continuously offloading coins following Ripple’s strategic collaboration with these CEXs. This data indicates that XRP is experiencing both buying and selling pressures, leading to mixed sentiments among investors.
XRP Price Upswings
As of now, XRP's price has increased by 3.97% in the past 24 hours, currently trading at $0.5187. The token’s 24-hour lows and highs are $0.4984 and $0.5196, respectively.
Interestingly, data from Coinglass highlights a market uptrend for XRP, with its open interest rising by 3.53% to $580.92 million and derivatives volume increasing by 9.80% to $831.97 million. However, the Relative Strength Index (RSI) is around 49, indicating that the asset is neither overbought nor oversold.
This activity has fueled speculations about XRP’s future price action. Additionally, with May 20 approaching, the XRP community is eagerly anticipating new developments in the ongoing Ripple vs. U.S. SEC lawsuit, which could significantly impact the token’s price.
As the market watches these developments closely, the future of XRP remains a hot topic of discussion among investors and analysts alike.
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