Ripple Labs’ digital currency XRP once again garnered widespread attention in the market. The token exceeded the $0.52 mark, experiencing significant upward momentum, and there was a noticeable increase in whale activity, leading to speculation among cryptocurrency investors.
Transfer of 80 Million XRP in Ripple
On-chain data revealed that whales, which refers to large-scale crypto investors, transferred approximately 80 million XRP to exchanges. This development brought attention to the Ripple-backed token, which is one of the top 10 cryptocurrencies in terms of market value. For the latest financial and business news, visit COINTURK FINANCE.
Despite the legal dispute between the US Securities and Exchange Commission (SEC) and Ripple Labs dampening its performance, XRP managed to maintain its top position. According to Whale Alert, a crypto transaction tracker, 79.8 million XRP was moved between wallets and exchanges in three transactions within the past 24 hours. Two of these transactions involved substantial accumulations of XRP. A prominent XRP whale consistently transferred cryptocurrencies to exchanges, capturing significant interest from investors in the market.
Whale Activity in Ripple
The addresses rfQ9EcLkU and rarG6FaeYh received 25.22 million and 26.26 million tokens, respectively, from the leading cryptocurrency exchange, Binance. Furthermore, a well-known XRP whale at address …Rzn transferred 28.32 million XRP to Bitstamp, a Luxembourg-based exchange. These transactions, which showcased both accumulations and declines, triggered mixed reactions among analysts and investors. Speculation intensified further when Ripple recently moved substantial amounts of XRP to an escrow vault. As part of its monthly strategic maneuver, Ripple unlocked 1 billion XRP, influencing the token’s market dynamics. Concurrently, the Ripple-backed cryptocurrency experienced upward momentum, surpassing a price of $0.52 today.
However, the chart from 21milyon.com indicates that the token is struggling to maintain its position above $0.52. XRP reached a high of $0.5225 but dropped to a low of $0.517 within the past day. At the time of writing, XRP’s price stood at $0.52, reflecting a 0.45% increase in the last 24 hours. The market value of the token was $28.83 billion. Nonetheless, derivative data revealed mixed sentiments among investors in the market. While futures open interest (OI) experienced a 2.67% decrease, volume witnessed a 1.42% increase. This combination of factors may be contributing to the token’s volatile price movement.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is recommended to conduct thorough research before making any investment decisions.
