XRP Price: Whales Shuffle 153 Mln Coins Echoing Frenzy, What's Next? (2024)

In an exciting turn of events, as the Ripple-backed token XRP’s price traded primarily in the green today, massive whale activity hovering over the crypto horizon piqued the interest of crypto market traders and investors globally. Nearly 153 million XRP on the move, per insights revealed by a blockchain tracker, birthed a torrent of speculative buzz as on-chain metrics painted an enigmatic landscape for XRP today.

Following Ripple’s legal tussle with the U.S. SEC, XRP performed quite sluggishly within the market, keeping investors on their toes. Subsequently, as the Ripple vs SEC lawsuit takes new turns, the broader market expects the token to showcase notable price action shifts, with the on-chain activity further curating thrilling waves across the vast sea of crypto.

XRP Whale Transfers: In-Depth Report

According to the data unveiled by the blockchain tracker Whale Alert, two massive whale transfers collectively showcased the relocation of 152.88 million XRP over the past 24 hours. The first transaction illustrated 130 million coins shifted between unknown addresses, whereas the second displayed 22.8 million tokens transferred to Bitstamp, a Luxembourg City-based CEX.

This promptly gained significant traction across the broader crypto market, showcasing a mixed sentiment among whales. Whereas, the uncertainty surrounding Ripple’s legal chronicle, as mentioned above, accompanied by the token’s current on-chain market dynamics, primarily aligns with this mixed sentiment portrayed by XRP whales.

Nonetheless, XRP traded primarily in the green over the past 24 hours, reaching as high as $0.6358, according to CoinMarketCap’s data.

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XRP Price Springs

As of writing, the XRP price noted a jump of 0.50% over the past 24 hours and is currently trading at $0.618. Although the token recently showcased a remarkable jump, as mentioned above, its price chart showed a gradual fall as of press time.

This promptly nabbed significant investor attention as RSI hovered at 50, flagging neither an overbought nor an oversold condition, resulting in neutral market sentiment. Although Coinglass data showcased a marginal 1.07% increase in the token’s open interest, a 16.64% drop in derivative volume, accompanied by the marginal rise in price, suggested a potential slowing down or consolidation of the recent bullish momentum. However, an increase in the OI-weighted funding rate, reaching 0.0548%, hinting heightened leverage interest, could potentially contribute to some upward pressure despite neutral RSI levels. Concerning this, crypto market enthusiasts continue to extensively eye the token.

In the interim, as seen previously, an optimistic uproar in the market orbiting XRP’s potential run to $1 in April prevailed. This further fuels an optimistic outlook for XRP, despite its sluggish performance.

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