XRP has struggled to achieve the anticipated surge due to ongoing chaos from the SEC lawsuit. Investors remain curious about when XRP will surpass the $1 mark, a milestone it hasn’t achieved in over two years. During this period, whale transactions have been pivotal for investors seeking direction. So, what are XRP whales currently doing?
How Are XRP Whales Acting?
Recently, a Ripple-associated account transferred over 50 million XRP to cryptocurrency exchanges, indicating a significant sale. On May 1, Ripple released 1 billion XRP from its initial distribution balance, re-locking the tokens into escrow wallets until 2027. The company moved 200 million XRP to its treasury and re-locked the remaining 800 million into escrow.
This month, Ripple reserved 150 million XRP, with its notable account, rP4X2…sKxv3, distributing tokens to unknown accounts. From the r4wf…Rzn address, 56.01 million XRP was sent to exchanges within the last 24 hours, suggesting a potential decline.
During these transactions, 30 million XRP was sent to the Bitso exchange and 26 million XRP to the Bitstamp exchange, contributing to XRP’s price decline. On-chain data from Whale Alert has raised concerns about XRP’s performance, which is currently the 7th largest cryptocurrency by market value.
What is the Current Price of XRP?
Ripple’s sales continue to draw attention. The introduction of more tokens into circulation in the upcoming days could trigger supply inflation and significantly influence the token’s price. In the past 24 hours, XRP has shown volatile price movements, currently trading at $0.534.
Meanwhile, the Relative Strength Index (RSI) is at 51, suggesting a balance between bullish and bearish forces. Monthly token distributions by Ripple and subsequent sales are under close watch due to their potential impact on XRP prices.
Investor Takeaways
- Monitor whale transactions closely as they can significantly influence XRP prices.
- Watch for changes in the RSI to gauge market sentiment.
- Be aware of Ripple’s monthly token distributions and their potential impact.
- Consider the broader market context, including ongoing legal issues, when making investment decisions.
In conclusion, XRP’s price movements remain heavily influenced by whale activity and Ripple’s token distributions. Investors need to stay vigilant and consider multiple factors when making decisions related to XRP investments.