XRP Whale Movements Intensify, Adding to Price Uncertainty Amid Ongoing Legal Battles
The XRP cryptocurrency, created by Ripple Labs, has been causing quite a stir in the crypto market lately, with its large whale movements and volatile price fluctuations. Recent on-chain data reveals that over the weekend, approximately 80 million XRP coins were shuffled, while billions of XRP were locked and unlocked in escrow.
The ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has left investors speculating about the future price trajectory of XRP. To shed some light on this unpredictable situation, let’s delve into the whale activity and significant escrow transactions that took place over the weekend.
Following the unlocking of 1 billion XRP from escrow and the locking of 800 million coins in the same, whale movements were detected by the on-chain transaction tracker Whale Alert. Among the 80 million coins shuffled, one whale accumulated XRP while another offloaded their holdings onto exchanges. These actions have injected an element of mystery into the future price swings of this Ripple-backed asset.
In addition to the whale movements, weekend data reveals that 1.2 billion coins were initially transferred to Ripple. Meanwhile, 800 million XRP remained in escrow at Ripple, while 1 billion tokens were released from escrow at unidentified wallets. The combination of these transactions has further contributed to the uncertainty surrounding the potential price fluctuations of XRP.
Interestingly, data from Coinglass shows a significant increase in XRP futures open interest, which rose by 2.30% to reach $630.56 million. The derivatives market volume also experienced a noticeable surge, increasing by 118.50% to $597.14 million. These figures highlight the growing trading activity in the futures market and the increasing interest in this asset among investors.
As of now, XRP is valued at approximately $0.5207, reflecting a 0.80% increase in the last 24 hours, according to CoinMarketCap. However, over the past seven days, the price has been bearish, showing a 1.30% decline. To further emphasize the significant whale activity in the market, CNF recently reported on a whale who purchased $52 million worth of XRP from Binance.
In conclusion, the current legal battles and whale movements surrounding XRP have created an atmosphere of uncertainty for investors. However, the surge in futures trading and derivatives market volume indicates a growing interest in this cryptocurrency. As the situation continues to unfold, it will be interesting to see how XRP’s price trajectory develops.