Ripple Labs’ cryptocurrency XRP once again captured market-wide attention. The token surpassed $0.52, gaining significant upward momentum, and whale activity increased noticeably, sparking speculation among crypto market investors.
80 Million XRP Transfer in Ripple
On-chain data shows that whales, large-scale crypto investors, moved approximately 80 million XRP to exchanges. This drew attention to the Ripple-backed token, one of the top 10 cryptocurrencies by market value.
Despite the slow performance caused by the legal tussle between the US SEC and Ripple Labs, XRP maintained its top position. According to crypto transaction tracker Whale Alert, 79.8 million XRP was shuffled between wallets and exchanges in three transactions over the past 24 hours. Two of these transactions involved massive XRP accumulations. A leading XRP whale consistently moved cryptocurrencies to exchanges, attracting significant investor interest in the market.
Whale Activity in Ripple
Addresses rfQ9EcLkU and rarG6FaeYh collected 25.22 million and 26.26 million tokens from the world’s leading CEX Binance, respectively. Additionally, a famous XRP whale at address …Rzn moved 28.32 million XRP to Bitstamp, a Luxembourg-based CEX. These transactions, highlighting both accumulations and declines, caused mixed feelings among analysts and investors. Speculations increased further with the recent recording of Ripple moving massive amounts of XRP to an escrow vault. As a monthly strategic move, Ripple unlocked 1 billion XRP, affecting the token’s market dynamics. Simultaneously, the Ripple-backed cryptocurrency gained upward momentum, with its price surpassing $0.52 today.
However, the 21milyon.com chart shows that the token is struggling to maintain its position above $0.52. XRP rose to $0.5225 but fell to a low of $0.517 in the past day. At the time of writing, XRP’s price was $0.52, up 0.45% in the last 24 hours. The token’s market value was $28.83 billion. However, derivative data indicated mixed investor sentiments in the market. While futures OI fell by 2.67%, volume saw a 1.42% increase. This mixed outlook might be triggering the token’s volatile price movement.
