In a riveting turn of events, an XRP whale has recently accumulated nearly 27 million coins from an exchange amid the token’s bearish movement. This has ignited speculations of a potentially bolstered price action ahead. On-chain data suggests that an XRP whale additionally bagged $13 million worth of coins in the past 24 hours as the price slipped to the $0.47 level. This has birthed a flurry of speculations on the Ripple-backed digital asset’s future price movements.
Whale Bags Additional XRP
According to data revealed by the on-chain transaction tracker Whale Alert, 27.74 million XRP, worth $13.18 million, was recorded to be accumulated from Binance, a renowned cryptocurrency exchange. The whale address rarG6FaeYh…gFsPn2bZKk was recorded to be making the XRP transaction.
Notably, CoinGape Media reported that the same address has bagged colossal amounts of XRP amid a price slip below the $0.5 level. These accumulations hint at a strong sense of confidence in the asset’s potential to rise ahead.
Moreover, the address has already been noted for accumulating hundreds of millions of XRP in recent days, further solidifying positive expectations for the price action ahead. This continuous increase in holdings is also a hopeful sign for the XRP community.
However, despite accumulations, XRP traded in the red today, aligning with broader market trends.
Also Read: Bitcoin (BTC) Can Underperform Stocks And Bonds for Another Three Months, Here’s Why
XRP Price Falls
As of writing, the XRP price slipped 0.31% from yesterday to trade at $0.4783. The token’s 24-hour lows and highs are $0.4647 and $0.4805, respectively.
However, Coinglass data underscored an increase in investor enthusiasm surrounding the asset. XRP’s Futures OI jumped 1.98% to $541.26 million, further accompanied by a derivatives volume upswing of 12.25% to $941.29 million.
Nonetheless, the RSI hovered in bearish territory today, sitting near 36, with broader market neutrality. Recent developments within XRPL, the blockchain for XRP, have further ignited an optimistic market torrent on future price movements
Also Read: Bitcoin Price Bull Run Is Intact As Per These Five On-chain Metrics
✓ Share:
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.