Amid the recent turbulence in the cryptocurrency market, XRP, one of the largest altcoins by market capitalization, has caught the attention of investors. The altcoin, fluctuating around $0.5, has become a focal point for large investors known as whales, who moved approximately 87 million XRP in the last 24 hours. This whale activity has sparked speculation about XRP’s future price trajectory.
XRP Movements Among Whales
According to the blockchain transaction monitoring platform Whale Alert, 86.68 million XRP were moved between exchanges and unknown wallets in the last 24 hours. This movement highlights significant accumulations and dumps for XRP. Notably, two large whales purchased more XRP from Binance despite the altcoin’s recent price drop near the $0.5 level. In contrast, a leading XRP whale has been consistently offloading significant amounts of tokens to the Luxembourg-based exchange Bitstamp.
Addresses rfQ9EcLkU6 and rarG6FaeYh purchased 30.40 million and 26.44 million XRP respectively, totaling $28.24 million in acquisitions. Conversely, the XgwHh4Rzn address dumped 29.88 million XRP worth $14.83 million. These transactions triggered various reactions across the cryptocurrency market, indicating both buying and selling pressure on the altcoin.
XRP Price Analysis
XRP’s price chart showed mixed trading sessions oscillating between red and green zones, predominantly leaning towards negative trades. As of now, XRP’s price has dropped by 2.19% in the last 24 hours, trading at $0.4865. The altcoin’s lowest and highest prices in the last 24 hours were $0.4849 and $0.5053 respectively, reflecting ongoing volatility.
Despite the price drop, XRP’s open interest (OI) in futures slightly increased by 0.27%, and derivative volume surged by 238.44%. This rise indicates growing interest in the asset marked by increased market activity among investors. However, the Relative Strength Index (RSI) stands at 34.35, indicating bearish momentum. The RSI confirms XRP’s downward trend.
Looking ahead, additional buying pressure could push XRP to break the significant support level of $0.52. Conversely, increasing selling pressure could drag the altcoin further down a bearish trajectory.
