One of the largest cryptocurrencies by market value, XRP, has recently become the focus of attention due to significant whale activities and increasing activity in the derivatives market. On July 24, on-chain data revealed that whales transferred approximately 77 million XRP coins in a single day. This movement coincided with the upcoming closed-door meeting of the U.S. Securities and Exchange Commission (SEC), leading to widespread investor speculation about the future of XRP.
Whales Transferred Millions of XRP
Transaction tracker Whale Alert reported that whale accounts moved 77.57 million XRP. Among these transactions, a whale address named rarG6FaeYh accumulated 23.28 million XRP worth approximately $13.90 million from the major exchange Binance. Meanwhile, another significant whale address, identified as ‘..Rzn’, shifted 54.29 million XRP worth $32.30 million to the Bitstamp and Bitso exchanges in two separate transactions.
Expectations regarding the SEC’s closed-door meeting on July 25 are increasing market curiosity. It is said that this meeting will also include discussions related to Ripple, the company behind XRP. The global cryptocurrency community is eagerly awaiting the outcome, hoping for a resolution to the long-standing Ripple and SEC lawsuit. An optimistic result could potentially lead to a positive increase in XRP’s value.
XRP’s Situation in the Derivatives Market
Meanwhile, the derivatives market for XRP indicated significant activity, showing strong investor interest. As of the latest data, XRP’s price was trading at $0.62, a 2.57% increase. The cryptocurrency saw a 24-hour trading range with a low of $0.5843 and a high of $0.6297.
Open interest in XRP futures contracts also showed a sharp increase, reaching $796.75 million, highlighting the growing interest from investors. The trading volume in the derivatives market similarly increased, reaching $2.21 billion. Additionally, open interest (OI) on hourly and 4-hour charts increased by 2.55% and 7.21%, respectively, reflecting the bullish sentiment among market participants.
In other news related to XRP, a report from XRPScan dispelled rumors that Elon Musk owned any XRP. This statement was significant enough to ignite discussions within the crypto community, emphasizing the impact of prominent figures on market perceptions and movements.
