Whale transfers and sharp price movements in the market have drawn attention to Ripple‘s XRP today, as it made notable price movements that caught the attention of traders and investors. The Whale Alert platform, which captures and publicly shares significant movements on blockchains, reported that a surprising amount of 203.3 million XRP was moved from various centralized exchanges (CEXs). The activity in XRP’s price, which saw a notable drop, led to speculation within the altcoin’s community.
XRP Whales on the Move
Data revealed by Whale Alert shows that in the last 24 hours, 203.3 million XRP were moved in 6 transactions to and from CEXs like Bitstamp, Bitso, and Binance. These transfers, involving millions of XRP, sparked discussions among market participants about the potential impact on XRP’s price trajectory. Particularly, transactions involving famous XRP whales led to debates about the altcoin’s price movements.
Despite brief movements in the green zone, XRP’s price has seen a 0.60% drop in the last 24 hours, trading at $0.5449. The downward price movement coincides with derivative data indicating a 0.38% drop in XRP’s open interest and a 30.64% decrease in trading volume, suggesting a downtrend for the altcoin. The observed decline in price and trading activity led to speculation of liquidation of long positions, contributing to the downward trend.
On the other hand, market analysts and experts note that XRP has managed to hold above its weekly support level. According to them, if the altcoin manages to close above this level, it could signal a potential rise. This prediction by analysts and experts supports the general market sentiment surrounding XRP’s price dynamics to remain positive.
Ripple CEO Brad Garlinghouse Hints at XRP Spot ETF
Amid the market activity, Ripple CEO Brad Garlinghouse made positive statements about XRP. Garlinghouse recently hinted that a spot XRP exchange-traded fund (ETF) could soon be launched and made available for trading in the US.
