Ripple‘s digital asset XRP has shown a robust recovery, climbing past the $0.63 mark, which coincides with substantial XRP movements by large holders, known as whales. These transactions, which totaled 75 million XRP, have sparked discussions among investors regarding the coin’s potential path amid signs of both accumulation and selling by these influential players. Whale Alert, a service that tracks significant cryptocurrency transactions, has revealed these movements, demonstrating the contrasting strategies of XRP whales.
Whale Activity Shakes Up XRP Market
The movement consisted of three substantial transactions, where two anonymous whales transferred XRP to centralized exchanges, presumably to sell. Meanwhile, a significant purchase of XRP from the exchange Upbit was made by another anonymous whale. The shift of 30 million XRP between private wallets, along with the transfer of 22.15 and 23.20 million XRP to exchanges Bitstamp and Bitso, respectively, reflects a division among whales in their approach to XRP investments.
These actions have led to mixed expectations, as some speculate a potential price dip due to the sale of XRP on exchanges, while others anticipate a price increase, supporting the recent upward trend in XRP’s value.
Positive Price Momentum for XRP
The XRP community has been buoyed by a recent price increase of 4.49% in the past day, pushing the price to $0.6351. This uptick is supported by a 4.50% growth in market capitalization and a 7.74% boost in trading volume within the same timeframe, highlighting an escalation in interest for XRP.
Furthermore, insights from Coinglass illustrate an 8.26% hike in open interest and a 14.92% rise in trading volume for XRP, signaling heightened market involvement and fresh capital entry into the derivatives market. The uptrend in XRP’s open interest funding rate to 0.0316% suggests an investor lean towards long positions, reinforcing a bullish outlook for the altcoin.
TradingView’s technical analysis indicates a prevailing buying sentiment for XRP, hinting at the possibility of continued upward movement in the short term. With speculation about XRP reaching the $1 milestone by April and the current market trends, crypto-watchers remain vigilant for significant shifts in XRP’s price trajectory in the near future.
