XRP Whales Move 106M Coins, Rally To $0.69 Face Headwinds?

One of the leading cryptocurrencies, XRP, took the heat of massive whale movements today. On-chain data reveals that XRP whales moved nearly 106 million coins between crypto exchanges in the past 24 hours. Ripple’s crypto simultaneously battled turbulence along the $0.56 price level.

XRP Whales Transfer 106M Coins Sparking Speculation

According to data from Whale Alert, whales have shuffled 106.97 million XRP to and fro crypto exchanges in the past 24 hours. These transactions included massive accumulations and dumps.

While XRP whales bagged 51.89 million coins over the past day, 55.08 million coins were noted to have been dumped collectively to numerous exchanges. As per the data, 21.89 million coins, worth $12.29 million, were accumulated from Bittrex, whereas 30 million coins, worth $16.97 million, were moved from Ripple to an unknown wallet.

Subsequently, a whale dumped 27.64 million and 27.44 million coins to the exchanges Bitstamp and Bitso, respectively. Altogether, these transactions present the token with an uncertain market sentiment, as some whales hoard the token while others dump it.

Simultaneously, XRP price showcased a turbulent movement, trading in both red and green territories over the past few days.

Ripple’s Token’s Market Performance

At press time, Ripple’s coin rested at $0.5674, a slight 0.31% increase over the past day. Its 24-hour lows and highs were recorded as $0.5525 and $0.5727, respectively.

A recent XRP price analysis by CoinGape Media shows that the token currently shows key buy signals. Further, it holds above the 20-day and the 50-day EMAs, underscoring a bullish momentum. Intriguingly, a Moving Average Convergence Divergence (MACD) buy signal could fuel the price to $0.69, the analysis added. However, the current XRP whales activity and market technicals have painted an uncertain scenario over an upcoming price rally.

Coinglass data illustrated a 0.21% jump in the token’s futures OI to $621.95 million. However, the derivatives volume slipped 2.97% to $1.34 billion, igniting further uncertain market sentiments.

Nonetheless, it’s worth noting that in the wake of Ripple’s success in the SEC lawsuit, a tidal wave of optimism for the token’s future exists across the broader market.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.