XRP’s price has seen a significant increase of 3.47% in just one day, reaching $0.5168, thanks to whale activity in the cryptocurrency market. Whales, or large holders of XRP, have moved a staggering 151 million tokens, causing mixed sentiments among investors.
The sudden surge in XRP’s price comes after a period of slow trading activity. The movement of such a large number of tokens has sparked curiosity and speculation among market participants.
According to data from Whale Alert, a tool that tracks on-chain analytics, crypto whales have transferred 151.31 million XRP in the past 24 hours. These transactions include both selling and buying, making it difficult to predict the future price action of XRP.
One prominent whale, known as Rzn, has been consistently dumping large volumes of XRP to exchanges like Bitstamp and Bitso. Coincheck, a Japanese cryptocurrency exchange, has also been accumulating a significant amount of XRP, adding 100 million tokens to an unidentified address.
While the influx of tokens to Bitstamp and Bitso may dilute the impact of the whale’s actions, it is important to note that this particular whale has been selling off XRP since Ripple strategically partnered with these exchanges.
These conflicting activities suggest that XRP is currently under pressure from both buyers and sellers, leading to mixed feelings among cryptocurrency investors.
As of now, CoinMarketCap data shows that XRP is priced at $0.5168, representing a 3.47% increase from the previous day. Over the past seven days, XRP has experienced a slight upward trend, with a 0.65% increase.
Interestingly, Coinglass data reveals that XRP is performing well in the derivatives market, with a 9.80% increase in volume and a 3.53% increase in open interest. The Relative Strength Index (RSI) hovers around 49, indicating that the asset is neither overbought nor oversold.
Furthermore, Ripple’s recent partnership with Evmos to develop the XRPL EVM sidechain has contributed to the positive trend. This collaboration aims to enhance the scalability and usefulness of the XRP Ledger, potentially attracting more interest and adoption.
In conclusion, XRP’s recent price increase can be attributed to whale activity in the market. The movement of a large number of tokens has generated mixed sentiments among investors. However, with strategic actions from Ripple and upcoming developments, XRP’s future remains uncertain yet promising.
