Last week, XRP followed a generally calm course. But today, it has gained upward momentum, rising to $0.51. This significant price increase has sparked huge interest among global crypto market participants, given that whales transferred another 151 million XRP.
On-chain data created complex market sentiments about the token's future price movements. Here's a more in-depth look at XRP's on-chain data and recent price movements:
Transfer of 151 Million Coins from Whales Creating Speculation
Whale Alert, an analytics platform, reported that 151.31 million XRP was moved by crypto whales in the last 24 hours. This mix of breakdowns and accumulations has left market sentiment regarding XRP's future price movement in uncertainty.
According to data, ...Rzn, a famous XRP whale, continued to dump significant amounts of XRP on CEXs Bitstamp and Bitso. At the same time, an unknown address, r99QSej32n, was recorded to have accumulated 100 million XRP from Japanese cryptocurrency exchange Coincheck.
Although the large amount of tokens accumulated in the last 24 hours has weakened the number of coins moved to Bitstamp and Bitso, it is worth remembering that the famous XRP whale is constantly offloading coins following Ripple's strategic cooperation with the previously mentioned CEXs. This data implies that the Ripple-backed token is experiencing both buying and selling pressure, creating mixed market sentiments among crypto market investors.
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