Transactions moving large sums of XRP have caught the attention of market participants as whales move more than 64 million coins to and from centralized exchanges. While the price of XRP continues its effort to recover to the $0.5 zone, constant whale shuffles have exacted pressure on the trajectory, forcing it to remain below the desired mark.

Over the last 24 hours, this huge amount of moved XRP has raised speculations among investors, who are hopeful for a potential price rally above $0.5. However, the possibility of this happening in the short term remains in the balance as mixed sentiment clouds the market. Let us take a look at the transactions in detail.

Whales Transfer Over $30 Million Worth of XRP in One Day

According to recent data from Whale Alert, a prominent crypto large transaction tracker, two transactions moving at least 31 million XRP have been recorded in the last 24 hours. Notably, the first transaction was carried out by a renowned whale with the wallet identity ‘r4wf7…4Rzn’ about 13 hours ago from press time, shifting exactly 32,570,000 XRP (valued at $15,722,226) to the Luxembourg-based crypto exchange Bitstamp.

32,570,000 #XRP (15,722,226 USD) transferred from unknown wallet to #Bitstamphttps://t.co/nUp5gjVfVt

— Whale Alert (@whale_alert) June 18, 2024

Also, another transaction carrying 31,602,925 XRP coins (worth $15,859,560) from Binance, the largest crypto exchange by trade volume, to a wallet labeled ‘unknown’ was spotted.

Typically, when large amounts of coins are sent to crypto exchanges, they are usually perceived as a sell-off. On the other hand transfers from crypto exchanges to wallets often signify accumulations. Thus, the aforementioned transfer to and from CEXs presents a mixed sentiment on the potential of the coin to deliver future gains.

XRP Price Movement

Meanwhile, amid the global crypto market downtrend, XRP has been consolidating for a while. According to CoinGecko data, XRP has traded between the range of $0.4665 and $0.5174 in the last seven days. At the time of writing, the price of XRP is trading at $0.49, representing a 1.2% decline in the last 24 hours.

Source: CoinGecko

What is more, XRP has moved between the lows and highs of $0.4756 and $0.4991 in the last 24 hours, with a 43.35% decline in trading activities to $1.37 billion over the last day. Moreover, the XRP open interest has seen a notable jump in the last 24 hours, signaling an increased investor interest in the coin. According to data from Coinglass, the XRP futures open interest reached $560 million today.

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