XRP Maintains $0.52 Price Amidst Whales Moving 218M Coins – What’s Next for the Cryptocurrency?

The recent surge in XRP’s price, currently above $0.52, has caught the attention of many investors due to a spike in whale activity. Over 218 million coins have been moved in the last 24 hours, as revealed by on-chain data.

These whales are engaging in buy-and-dump transactions, leading to speculation about a potential surge in XRP’s price. Here’s a detailed overview of this development.

193 Mln Coins Transferred: Whale Alert

Whale Alert’s data shows that whales have collectively moved a massive 218.06 million coins in the past day. Two whales acquired 50.25 million XRP from Binance, while others have sold significant amounts to various exchanges.

A total of 167.81 million XRP was transferred to Bitstamp, Bitso, and Coinbase, impacting the accumulation trend seen recently.

It’s worth noting that whales who acquired tokens from Binance have been consistently accumulating more, indicating growing faith in XRP’s potential to increase in value.

Amidst this whale activity, XRP is facing supply pressure in the market. Furthermore, the increased whale activity coincides with rumors of an XRP ETF, fueling more speculation.

XRP Price Decline

Currently, the XRP token has experienced a small 0.14% decline following a positive trading session over the past 24 hours. The token is currently priced at $0.5242, with a daily range of $0.5241 to $0.5307.

Recent data from Coinglass shows a steady increase in XRP’s futures Open Interest (OI), reaching $666.79 million. However, the derivatives volume has decreased by 19.76% to $657.42 million, leading to mixed sentiments on XRP’s future performance in the crypto market.

Although the RSI suggests that XRP is neither overbought nor oversold, the Ripple Labs-supported cryptocurrency continues to make waves in the market.

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