XRP Whales Make Waves, Adding to Price Uncertainty Amid Ongoing Legal Battles
The XRP cryptocurrency, developed by Ripple Labs, has caused quite a stir among crypto investors due to its significant whale movements and recent escrow transactions. On-chain data reveals that approximately 80 million coins were shuffled around over the weekend, coinciding with billions of XRP escrow locks and unlocks.
The ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has fueled speculation about the future price trajectory of XRP. To shed light on this unpredictable future, let’s delve into the whale activity and notable escrow transactions that took place over the weekend.
Following the unlocking of 1 billion XRP from escrow and the subsequent locking of 800 million coins, it was discovered that XRP whales had moved 80 million coins, with one whale accumulating and another offloading XRP onto exchanges. These whale movements have introduced an air of mystery into the future price swings of this Ripple-backed asset.
Additionally, weekend data reveals that 1.2 billion coins were initially transferred to Ripple, while 800 million XRP remained in escrow. Furthermore, 1 billion tokens were released from escrow at unidentified wallets. Collectively, these transactions have added to the uncertainty surrounding potential price fluctuations in the XRP market.
Interestingly, Coinglass data indicates a significant increase in XRP futures open interest, rising by 2.30% to $630.56 million. The derivatives market volume has also experienced a noticeable surge, growing by 118.50% to $597.14 million. These statistics underscore the heightened trading activity in the futures market and the growing interest in XRP from investors.
As of now, the price of XRP stands at approximately $0.5207, reflecting a 0.80% increase in the last 24 hours, according to CoinMarketCap data. However, over the past week, XRP has exhibited a bearish trend, declining by 1.30%. Notably, CNF recently reported on a whale purchasing $52 million worth of XRP from Binance, further supporting the notion of significant whale activity in the market.
For more information on Ripple (XRP), including buying guides, wallet tutorials, and the latest news, be sure to explore our recommended resources.
Recommended for you:
– Buy Ripple (XRP) Guide
– Ripple XRP Wallet Tutorial
– Check 24-hour XRP Price
– More Ripple (XRP) News
– What is Ripple (XRP)?