In an exciting development, Ripple-backed token XRPWhile , was trading in green today, there was huge whale activity. This development has attracted the attention of global crypto market traders and investors. According to information, 153 million XRP is in motion. This sparked speculation in the community.
After Ripple’s legal battle with the US SEC, XRP showed a rather stagnant performance in the market. This situation kept investors on edge. However, with the Ripple vs SEC case taking new turns, the broader market expects the token to exhibit notable price action shifts and further exciting waves of on-chain activity in the vast sea of crypto. It is possible that these developments will have an impact on the future performance of XRP. In this context, these are likely to create a positive atmosphere among investors.
XRP Whale Transfers
According to the announced data, two large whale transfers took place in the last 24 hours. This development collectively exhibited a total displacement of 152.88 million XRP. In the first transaction, it was seen that 130 million coins were transferred between unknown addresses. Additionally, the latter showed 22.8 million tokens transferred to Bitstamp, a CEX based in Luxembourg City.
This development quickly gained significant attention in the broader crypto market. In this regard it caused mixed feelings among whales. However, as noted above, the uncertainty surrounding Ripple’s legal history and the token’s current on-chain market dynamics have been instrumental in evoking these mixed emotions from XRP whales.
However, according to data from CoinGecko, XRP has traded primarily in the green over the past 24 hours, rising as high as $0.6358. It is possible that this price movement reflects XRP’s potential and current status in the market. In addition, it is possible that it indicates increasing interest among investors.
XRP Price Movement
At the time of writing this news, the XRP price has jumped 0.50% in the last 24 hours. Additionally, it is currently trading at $0.618. The token has made a notable jump recently. However, as mentioned above, the price chart showed a gradual decline at the time of writing.
This caught investors’ attention as the RSI was hovering at 50, indicating neither overbought nor oversold conditions, leading to neutral market sentiment. Although Coinglass data showed a marginal increase in the token’s open interest of 1.07%, the 16.64% decrease in derivative volume accompanying the marginal increase in price indicated a potential slowdown or consolidation in the recent upward momentum.
However, the increase in the OI-weighted funding rate to 0.0548% indicates increased leverage interest, potentially contributing to some upward pressure despite neutral RSI levels. Crypto market enthusiasts continue to examine the token extensively. This could be an important factor that could affect the future price movements of XRP.
