XRP’s price experienced a significant increase of 3.47% in just one day, reaching $0.5168, thanks to the activity of crypto whales. These large-scale investors moved a staggering 151 million XRP, causing mixed sentiments within the market.
The movement of such a massive amount of XRP within a 24-hour period has left market expectations uncertain. On-chain analytics tool Whale Alert reported that well-known XRP whale, Rzn, dumped large volumes of XRP to Bitstamp and Bitso exchanges. Additionally, Coincheck, a Japanese cryptocurrency exchange, reportedly accumulated 100 million XRP to an unidentified address.
While the large amount of tokens acquired in the past 24 hours may dilute the impact of the coins transferred to Bitstamp and Bitso, it’s important to note that the well-known XRP whale has been dumping money since Ripple strategically partnered with these exchanges. This suggests that the Ripple-backed coin is currently experiencing simultaneous pressure from both buyers and sellers, creating a conflicting environment for cryptocurrency investors.
According to CoinMarketCap data, the current price of XRP is approximately $0.5168, representing a 3.47% increase from the previous day. Over the past seven days, XRP has seen a slight upward trend of 0.65%.
Incredibly, Coinglass data reveals that XRP is currently in an upward market trend, with a 9.80% increase in derivatives volume to $831.97 million and a 3.53% increase in open interest to $580.92 million. However, the asset’s RSI, which stands at around 49, indicates that it is neither overbought nor oversold.
Furthermore, Ripple’s strategic actions, such as its collaboration with Evmos to develop the XRPL EVM sidechain, have contributed to the positive trend. This partnership aims to enhance the XRP Ledger’s scalability and usefulness, potentially increasing interest and adoption.
In conclusion, the recent increase in XRP’s price can be attributed to the activity of crypto whales. While the market sentiment remains mixed due to conflicting buyer and seller pressure, Ripple’s strategic efforts and partnerships suggest a positive outlook for the future of XRP.