Investors have shown significant interest in XRP amid recent price fluctuations around $0.5.
Investors have shown a substantial amount of interest in XRP, which is one of the most valuable cryptocurrencies in terms of market capitalization, in light of the recent price fluctuation that has occurred in the cryptocurrency market. Given that the token’s price has been fluctuating near the $0.5 level, it seems that whales have shown interest in it.
Consequently, whales have reshuffled roughly 87 million XRP over the last twenty-four hours. Because of this chronicle, there has been a whirlwind of speculation among players in the cryptocurrency market about the future price trajectory of the token.
Whales Move 87M Coins To & Fro CEXs
The platform Whale Alert, which tracks transactions, disclosed that during the previous twenty-four hours, unknown exchanges and wallets transferred 86.68 million XRP. This highlights the fact that there are XRP accumulations and dumps in the hands of the market.
The fact that two whales have been purchasing additional XRP from Binance, despite the fact that the token’s price has recently dropped around the $0.5 price level, is particularly noteworthy.
A well-known XRP whale, on the other hand, has been continuously selling significant quantities of the token to Bitstamp, a cryptocurrency exchange that is headquartered in Luxembourg.
The addresses rfQ9EcLkU6 and rarG6FaeYh have acquired a total of $28.24 million worth of the token, with the former having bought 30.40 million and the latter having acquired 26.44 million. On the other hand, the address XgwHh4Rzn has sold 29.88 million shares of XRP, which is equivalent to $14.83 million.
These transactions have sparked a wide range of reactions in the cryptocurrency market, highlighting the pressures of buying and selling on the asset.
Meanwhile, the XRP price chart displays a trading session that occurred in both the red and green zones during the previous day, despite the fact that the majority of the deals occurred in the negative territory.
XRP Price Dips
The price of token has decreased by 2.19% in the twenty-four hours since writing this article, and it is currently trading at $0.4865. Both the low and high prices for the token during the course of twenty-four hours are $0.4849 and $0.5053, respectively, which is consistent with the charts that depict a chaotic movement.
On the other hand, the volume of derivatives experienced a significant surge of 238.44%, while the token’s futures open interest showed a slight increase of 0.27%. The market activity significantly increased, indicating some investor interest in the asset.
However, the Relative Strength Index (RSI) was 34.35, which is a negative indication that verifies the downward trend of XRP.
Increased purchasing pressure on the asset could potentially lead to a breach near the crucial base of $0.52. On the other hand, greater selling pressure can cause the token to take a negative turn in the future because of the situation.