Following the easing of regulatory tensions between the SEC and Ripple, the recent surge in XRP whale activity over the last 24 hours has caught the attention of analysts and investors in the global crypto community. These transactions, which indicate the movement of approximately 67 million tokens, have gradually garnered significant interest following a major downturn in the crypto world, with nearly all cryptocurrency prices falling.
Whale Movements in XRP
Ripple‘s current trading in the negative territory has sparked speculation among global crypto market enthusiasts about a potential upcoming bullish wave for XRP, possibly pushing it towards the $1 mark. Despite notable gains in the past few days, a drop to $0.63 has kept investors on edge, while derivative data could indicate mixed sentiments in the market. According to data revealed by Blockchain tracker Whale Alert, three transactions moving 67.39 million XRP in the last 24 hours included two large dumps to CEXs, while one showed a significant accumulation from one of the world’s leading cryptocurrency exchanges, Binance.
The accumulation from Binance was made by an anonymous address, reaching a total of 16.99 million XRP valued at $11.35 million. The dumps to CEXs Bitstamp and Bitso were carried out through the ….Rzn address, which has been noted for similar transactions in the past. The dump to Bitstamp reached 22.8 million XRP valued at $15.21 million, while the dump to Bitso amounted to 27.6 million XRP valued at $18.6 million.
XRP’s Downward Momentum
The dumps are in line with XRP’s current decline, showing an increase in crypto supply amidst today’s market crash, while the weight of accumulation continues to reflect mixed feelings among whales about the Ripple-backed crypto. As of writing, the XRP token has recorded a significant drop of 6.89% in the last 24 hours, currently trading at $0.636. This decline, followed by the token’s derivative data, has triggered a wave of speculation among crypto market investors.
Notably, Coinglass shows a 9.93% decrease in open positions while volume has increased by 115.13%. While market activity has significantly increased, this example of money exiting the market suggests that bulls or bears could take control at any moment, aligning with the whales’ mixed feelings about the token. Although the price is currently experiencing a downward trend, the increase in the OI weighted funding rate to 0.0706% fuels speculation about future price movement changes.
