XRP whales recently transferred 75 million coins, attracting considerable interest as XRP’s price regained its upward trend and surpassed $0.63 today.
Ripple Labs-backed XRP, a cryptocurrency, has recently swept the cryptocurrency community by storm, in an extraordinary turn of events.
As of press time, the price exhibited signs of a resurgence, regaining its upward trajectory and surpassing the $0.63 mark.
Amid the overall recovery observed in the crypto market, substantial investor interest was captured in the immense whale activity that hovered over the horizon of cryptocurrencies.
According to market data, 75 million XRP in circulation sparked a tidal surge of crypto enthusiast speculation regarding XRP’s current tokenomics, casting doubt on the Ripple-backed token’s future price action.
XRP Whale Transactions Reflect Mixed Sentiment Among Whales
As per the information streamlined by the blockchain tracking service Whale Alert, the transfer of 75 million tokens was facilitated by three enormous transactions.
A well-known XRP whale offloaded XRP to CEXs in two of these transactions.
Moreover, an unidentified address amassed XRP from Upbit, another CEX.
30 million XRP, worth $19 million, was noted to be bought by the address r3oWusPeT9…RNHs4AWfTv, whereas the XRP whale, …Rzn, shifted 22.15 million XRP, worth $13.94 million, to Bitstamp and 23.20 million XRP, worth $14.89 million, to Bitso.
This demonstrated the mixed sentiment of XRP whales, as the transactions above exemplified an accumulation and dump in hand.
Meanwhile, the significant accumulation, which coincided with the XRP’s price increase, spawned bullishness, whereas the drop sparked rumors of a bearish market trend.
Today’s bullish sentiment was further fuelled by XRP market data.
XRP Price Surges
At the time of writing, the price of XRP tokens has increased by 4.49% over the past 24 hours and is presently $0.6351.
In addition to a 7.74% increase in 24-hour trading volume, the Ripple-backed token generated bullish waves throughout the boundless domain of cryptocurrencies with a 4.50% increase in market cap.
Coincidentally, Coinglass reported a significant increase of 8.26% in XRP’s open interest, accompanied by a 14.92% surge in volume.
In conjunction with the token’s favorable market position and an increase in the OI-weighted funding rate to 0.0316%, this indicated substantial new money inflow in the derivatives market, heightened market activity, and investors’ increased willingness to invest in long positions.
Since then, according to data from Trading View, technical indicators have demonstrated a market-wide buying sentiment towards the token, indicating the possibility of additional gains.
Notably, a layer of optimism has already permeated the broader market surrounding XRP’s ascent to $1 in April.
As additional current market data comes into play, crypto market enthusiasts continue to closely monitor the token in anticipation of forthcoming price action shifts.