XRP Price: Whales Move 60 Million Tokens Amid Price Fluctuations, What’s Next?
Amid highly volatile XRP prices, a well-known XRP whale has once again moved 60 million tokens, sparking provocative speculation in the market.
XRP, one of the top five cryptocurrencies by market capitalization, has once again stirred a vortex of speculation among global crypto market participants. The coin has seen wild price swings over the past 24 hours, going against the broader crypto market trend, creating a stir in the crypto community.
Amid this volatile price action, a significant event occurred where whales were observed to move around 60 million XRP to exchanges. This, in turn, has added new intrigue to the coin’s future price action.
Notably, Ripple Labs-backed token XRP, which runs on top of the Layer 1 blockchain XRPL, has been struggling with a long period of sluggish performance, which has been largely attributed to the legal dispute between Ripple and the U.S. SEC. This has cast a shadow over the future of the coin, and the whale activity has sparked a wave of additional inferences during this period.
According to data highlighted by blockchain tracking platform Whale Alert, the famous XRP whale …Rzn moved 59.07 million XRP to several CEXs in two transactions over the past 24 hours.
The first transaction showed 29.38 million XRP (worth $15.25 million) transferred to the Luxembourg City-based CEX Bitstamp. While the second transaction had 29.69 million XRP worth $15.42 million transferred to Mexico City-based CEX Bitso.
These transactions have now attracted global attention as a recurring phenomenon in the crypto space. Given the speculation in the market about Ripple dumping XRP, the transactions of the above-mentioned well-known XRP whale have attracted heated discussions.
Interestingly, these transactions from the same address have gradually become a recurring phenomenon in the crypto space as Ripple has strategically partnered with Bitstamp and Bitso. This has further fueled speculation that Ripple is dumping XRP, although no concrete evidence has been provided.
While the broader market has recovered somewhat today, these sell-offs have increased selling pressure on XRP, which could cause a setback to the token’s price trajectory, preventing further gains. At the time of writing, the price of the XRP token is down slightly by $0.13% and is currently trading at $0.517. Its 24-hour low and high are $0.5087 and $0.5219 respectively.
Looking at the broader timeframe charts, the Ripple-backed token appears to be going through a period of consolidation, with options volume falling 46.56% to $584.98, while options open interest grew 15.02% to $290.99K. Overall, these data further rationalize XRP's highly volatile price action, which is likely driven by speculative trading in the market.
Additionally, the RSI is hovering at 44, suggesting that the asset is neither overbought nor oversold, with slight downward pressure in the market.
