[XRP price uncertainty rises as whales shuffle 118 million tokens, what’s next? 】
Ripple Labs-backed cryptocurrency XRP has sparked uncertainty in the crypto market. Whales are once again moving tokens in large quantities. According to data from Whale Alert, more than 118 million XRP have been transferred between wallets and exchanges in the past 24 hours, showing the coexistence of accumulation and selling. The market’s view on the future price trend of XRP Not the same.
Of these transfers, a total of 118.32 million XRP was moved, with 54.99 million XRP being accumulated and 63.33 million XRP being dumped on exchanges. Notably, the XRP whale with address rarG6FaeYh, who has continued to hoard the token during the recent price drop, is largely responsible for the above accumulation. Another well-known XRP whale with the address...Rzn continued to sell and was responsible for the above-mentioned sell-off.
These whale trades reflect the uncertainty of market confidence, which is building up on one side and selling off on the other. Additionally, market data has added to the confusion in market sentiment during XRP’s recent volatility.
XRP price has fallen by 1.43% in the past 24 hours and is currently trading at $0.4806. The coin’s 24-hour minimum and maximum prices were $0.476 and $0.489 respectively. XRP’s weekly chart shows signs of a pullback, down 8.39% at press time.
XRP futures open interest (OI) rose 2.16% to $529.1 million, according to Coinglass data. However, sentiment was more mixed as derivatives trading volumes fell 29% to $839.58 million, showing lower market activity but increased investor interest in the asset.
Nonetheless, the Relative Strength Index (RSI) shows bearish conditions, approaching 36. If the coin enters oversold territory, this could pave the way for a price rebound, although XRP is currently facing downward pressure.
Looking at the weekly general economic chart, CoinGape Media’s analysis points out that XRP is showing an upward trend, showing a bullish path. Sustained buying pressure on the asset could pave the way for a retracement of the $0.55 levels.
