Ripple Labs‘ altcoin XRP has surprisingly recorded a significant recovery, surpassing the $0.63 level. This recovery occurred as 75 million units of XRP were moved, leading to speculation among investors about the future trajectory of the Ripple-backed altcoin amidst increasing whale activity. The transactions highlighted by Whale Alert, which tracks blockchain movements, indicate mixed feelings among whales, both accumulating and dumping coins on exchanges.
Whales Move 75 Million Coins
While 75 million XRP were moved in three significant transactions, two anonymous large XRP whales dumped coins into centralized exchanges (CEXs). Another anonymous whale wallet address purchased XRP from a CEX, Upbit. The transfer of 30 million XRP from one anonymous wallet to another and the movement of 22.15 million XRP to Bitstamp and 23.20 million XRP to Bitso in two separate transactions underscore the mixed emotions within the whale community.
Transactions aimed at dumping XRP on exchanges have led to speculation of a downturn, while the simultaneous trend of accumulation has caused investors to expect a rise, in line with XRP’s upward price momentum.
XRP on the Rise
The recent surge in XRP’s price has increased optimism within the altcoin’s community, leading to a notable 4.49% increase in the last 24 hours, reaching $0.6351. This rise was accompanied by a 4.50% increase in market value and a 7.74% increase in trading volume over the last 24 hours, indicating growing interest in the Ripple-backed altcoin.
Additionally, data from the platform Coinglass points to an 8.26% increase in XRP’s open interest and a 14.92% increase in trading volume. Both metrics suggest increased market activity and an influx of new money into the derivatives market. The rise in XRP’s open interest weighted funding rate to 0.0316% indicates a growing trend among investors towards long positions, further strengthening the bullish sentiment surrounding the altcoin.
According to TradingView data, technical indicators also point to a dominant buying sentiment for XRP, suggesting the potential for further gains in the short term. Speculations about XRP’s potential to reach $1 by April and current market dynamics have crypto enthusiasts closely monitoring the altcoin for significant price movement developments in the coming days.
