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XRP moved significantly for the first time in a long while, reaching $0.5884, breaking its stagnant trend. On-chain data revealed a different scenario. Whales conducted significant transactions on Ripple’s native token, possibly contributing to the upward movement. So, what is happening with XRP right now?
Whales’ XRP Moves
According to information revealed by Whale Alert, which tracks whale transactions in cryptocurrencies, two different whales recently processed 50.92 million coins worth $27.45 million. The whale transactions included both buying and selling, sparking great curiosity.
During this period, one notable transaction involved the transfer of 27.9 million coins worth $14.91 million to the Bitstamp crypto exchange by a whale with the wallet extension ..Rzn, known for its significant presence in XRP. On the other hand, a whale address with the wallet extension rarG… purchased 23.02 million coins worth $12.54 million from the Binance exchange.
XRP‘s price rise, despite mixed feelings from whales, seems to justify the buying whale for now, suggesting potential for greater profits in the coming days.
What is XRP’s Price?
At the time of writing, XRP’s price continues to find buyers around the $0.5850 region after an 8.94% increase in the last 24 hours. The lowest and highest price levels seen in the last 24 hours for XRP were $0.5241 and $0.5925, respectively. Moreover, the extraordinary 35.33% increase seen in the weekly price review has excited XRP investors, as XRP’s rise began before the general market surge.
Meanwhile, the RSI indicator, which shows overbought and oversold data, indicates 69.61 for XRP, suggesting it is just below the overbought level. Such an RSI value can be interpreted as a signal of a possible price correction soon, although market conditions supporting upward movement may prevent the price from falling despite the RSI value.
Despite all the price movements, XRP is still far from the much-anticipated $1 level. Considering the price, positive news from the SEC case and BTC reaching new ATHs could have an upward effect on XRP, potentially moving the price towards $1.
