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Ripple (XRP), has sparked speculative interest in the cryptocurrency world today due to significant whale activity recorded in the last 24 hours. According to information revealed by Blockchain tracker Whale Alert and data from 21milyon.com, approximately 66.06 million XRP were moved in four notable transactions as XRP gained upward momentum while captivating the crypto market investors.
Massive Transfer in XRP
While there is optimism about the potential of the Ripple-backed token to reach $1 in the broader cryptocurrency markets, derivative data indicate a prevailing downtrend, leading to additional interpretations among crypto enthusiasts. According to the data uncovered by the mentioned blockchain tracker, two whale transactions collectively showcased accumulated XRP from the world’s leading cryptocurrency exchange Binance, while a famous XRP whale moved funds in two separate transactions to CEXs Bitstamp and Bitso.
The amount of token accumulated from Binance totaled 37.06 million XRP, with wallet addresses …gFsPn2bZKk and …GRbuXFLQkK accumulating 18.72 million and 18.34 million XRP tokens respectively. On the other hand, the wallet address ..5XgwHh4Rzn moved 17.20 million and 21.80 million XRP tokens to Bitso and Bitstamp respectively. These transactions caused mixed volatility in the market. The accumulations reflect the whales’ confidence in the token, while the famous XRP whale’s movement seems to contradict this sentiment.
Volume Declines in XRP
Furthermore, with the Ripple-backed token regaining its upward movement today, crypto market enthusiasts are speculating that the altcoin will progress towards the highly optimistic $1 level. At the time of writing, the XRP price has recorded a 4.25% increase in the last 24 hours, currently trading at $0.6178. Contrary to today’s upward movement of the token, derivative data revealed by Coinglass highlighted the prevailing downtrend in the market.
While the token’s open interest fell by 2.62%, its volume dropped by 47.81%, signaling that open sellers are closing their positions. However, the data obtained, along with the whales’ substantial accumulation, indicates a buying sentiment among investors, while crypto market enthusiasts may view the altcoin’s potential to reach $1 with optimism.
