[XRP price faces near $0.5 turmoil as whales shuffle 80 million coins, what’s next? 】
On June 18, XRP, the cryptocurrency backed by Ripple Labs, attracted a lot of attention. Amid the bearish trend in the overall cryptocurrency market, XRP has shown green trading, attracting the attention of a large number of investors.
According to data from Whale Alert, there were three whale transactions in the past 24 hours, transferring a total of 80.34 million XRP. Among them, well-known XRP whale Rzn transferred 28.24 million XRP (worth $14.62 million) to Bitstamp and 19.96 million XRP (worth $10.33 million) to Bitso. Meanwhile, rarG6FaeYh, an address known for amassing large amounts of XRP, acquired 32.14 million XRP (worth $15.67 million). These large-scale moves have fueled speculation among market participants about future price movements.
Over the past 24 hours, the price of XRP has fluctuated between red and green zones. At the time of writing, XRP price was up 0.68% to $0.5006. The coin’s 24-hour low and high were $0.4808 and $0.5194 respectively, showing volatility.
Additionally, XRP’s trading volume surged 242.21% yesterday, while the Ripple-backed token attracted more attention as cryptocurrencies such as BTC and ETH fell in price. Futures open interest (OI) fell 0.41% to $559.98 million, according to data from Coinglass. However, derivatives market activity increased, with trading volume surging 337.97% to $3.25 billion, data that paints a picture of uncertainty in the XRP market.
The relative strength index (RSI) is around 45, indicating that the asset is neither overbought nor oversold, but there is slight downward pressure. Despite this, industry players remain optimistic about the asset’s future potential, especially with the introduction of the RLUSD stablecoin bringing optimism. Coupled with further development of the XRPL (XRP Ledger) blockchain, the outlook for XRP is considered positive.
