The trading of tokens from the wallet addresses of XRP whales to and from the centralized exchanges have active investors daydreaming as Ripple’s XRP sheds a dollar value to trade below $0. 5. After a long period of dead cat bounce, the crypto market is down with a tumbled price movement today and got many people’s attention on one of the largest cryptocurrencies by market capitalization which is XRP. The price of thirteen may also have varying numbers near the $0.5 mark; the recent trend has shown how whales have been attracted to XRP, hence the rearrangement of almost 87,000,000 XRP on the last day. This has evoked a storm of hypotheses among the members of the Crypto market concerning the potential future trends in the token price.
Read Also: Senator Elizabeth Warren Urges Fed Chair Jerome Powell to Cut Interest Rates
Directionality of the whale-related transactions: buying and selling volumes
Data from the platform for tracking transactions with digital assets Whales_Alert shows 86.68 million XRP was scooped between exchanges and several undisclosed wallets on the last day. This goes a long way in explaining the existence of XRP accumulation and dump phrases to hand. Most of all, two whales have been buying more XRP from Binance even though the price of this token falls slightly near the $0.5 level. On the other hand, an XRP whale has been regularly selling many tokens and transferring them to Bitstamp, a European exchange.
How the addresses rfQ9EcLkU6 and rarG6FaeYh have accumulated 30.40 million and 26 million. As per the settlement of the lawsuit, Garraway agreed to return 44 million XRP and pay $10 million in cash, while Ripple also made the same gesture of giving back the 1 billion XRP and paying $200 million in cash, so in total, they parted with $28 million and 24 million. On the other hand, the address XgwHh4Rzn has doxed 29 million.
Advertisement
The straw purchase reached 88 million XRP and cost approximately $14.83 million. These transactions have elicited different responses in the broader cryptocurrency market, and both the demand and supply forces were observed to influence the asset. At the same time, the trend on the XRP rate chart also looks interesting: the trading session was both in the red and green zones within the past day, and most of the trades were carried out with losses.
XRP Price Dips
After reviewing the price changes of XRP when this article was written, the blockchain token’s values were observed to decline by 2%. Within the past 24 hours, it has risen by 19% and is presently floating at $0.4865. concerning the token, its 24-hour low and high were $0.4849 and $0.5053, the charts in which the letter W represents a turbulent movement, mimic the numbers. Yet, there was a marginal shift in the token’s future to an open interest ratio of 27%, while other derivatives represented a mere 238. 44%. This indicated the presence of a limited extent of investor interest in the asset coupled with a dramatic increase in trading activity. On the other side, the RSI has reached 34.35, a bearish signal that indicates bearish pressure has been established and supports the downside for XRP.
More demand for the asset avails more buying pressure near a break at a crucial support point of $0.52. But this selling pressure could further add a bearish predicament for the token in the future area.
Read Also: Elon Musk Considers Banning Apple Devices Over Privacy Concerns
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.