XRP Updates: The ripple effect of Ripple Labs’ 80M XRP Coins Transferred cryptocurrency coin has caused widespread consternation. Whale activity has increased dramatically, creating a vortex of speculation among crypto market participants, in contrast to the token’s substantial upward momentum, surpassing the $0.52 threshold.
According to on-chain data, large-scale cryptocurrency investors, known as “whales,” have transferred roughly 80 million coins between exchanges. As a result, the Ripple-backed asset, among the top ten cryptocurrencies in market capitalization, has received considerable attention. Ripple is at the top despite XRP’s sluggish performance due to the legal conflict between Ripple Labs and the US SEC.
80 Mln Coins Shuffled: What’s Happening?
Whale Alert, which tracks cryptocurrency transactions, found three transactions involving 79.8 million XRP currencies moving between different wallets and exchanges on the last day. A primary XRP whale has been steadily shifting coins to exchanges, attracting significant investor interest in the market, and two of these transactions included massive XRP accumulation.
Binance is the top cryptocurrency exchange in the world, and the addresses rfQ9EcLkU and rarG6FaeYh have 26.26 million and 25.22 million coins, respectively. At the same time, the location…Renown XRP whale Rzn transferred 28.32 million XRP to Bitstamp, a CEX in Luxembourg. Market participants feel conflicted due to these deals, highlighting concurrent accumulations and dumping.
Speculation has also increased since Ripple recently transferred massive quantities of XRP to and from escrow. Every month, Ripple unlocks 1 billion XRP as a deliberate move that impacts the XRP coin’s market dynamics. At the same time, the digital asset backed by Ripple has been steadily rising in price, surpassing the $0.52 level today.
Will XRP Maintain A Break Above $0.52?
The coin is still struggling to stay above the $0.52 mark, according to CoinMarketCap’s chart. XRP hit a high of $0.5225 and a low of $0.517 during the previous trading day. With a rise of 0.45% in the last 24 hours, the price of XRP was $0.52 as of press time. The coin was sitting pretty with a market cap of $28.83 billion. Derivative data suggests that market sentiment is split among investors. While volume increased by 1.42%, futures OI fell by 2.67%. The token’s volatile price action may be driven, in part, by these competing interests.
As for XRP, the Relative Strength Index (RSI) of 47 suggests that it is neither overbought nor oversold and has some downward pressure. Because of this, it may be difficult for the Ripple-backed digital asset to see a resilient upward rise. Still, investors are bullish on the token’s prospects, believing it may reach its $1 wave three target. Also worth mentioning is the dramatic spike in XRP accumulations over the past few days, particularly on Binance.
