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Whales Move 80M Coins Post Massive Escrow Movements, What’s Next? – Crypto News

Published

2 years ago

June 3, 2024

Dripp

In a gripping turn of events, XRP, the Ripple Labs-backed cryptocurrency, has taken crypto investors by storm with massive whale movements post attention-nabbing escrow transactions and price volatility. On-chain data showcases that nearly 80 million coins were shuffled against the backdrop of billions of XRP escrow locks and unlocks recorded over the weekend.

This dramatic turn of events has sparked a flurry of speculation among crypto market participants about XRP’s future price trajectory, which is already shrouded in uncertainty due to the ongoing legal skirmish between Ripple and the U.S. SEC. Here’s a concise report on the whale activity and massive escrow transactions that unfolded over the weekend, further adding to the unpredictability of XRP’s future.

80M XRP Shifted by Whales, Billions Shuffled In Escrow

According to the data unveiled by Whale Alert, an on-chain transaction tracker, 80 million coins were shifted by XRP whales after 1 billion XRP was unlocked from escrow, and 800 million coins were locked in the same. Meanwhile, among the 80 million coins shuffled, one whale accumulated while the other offloaded XRP to exchanges. This has added a layer of intrigue to the Ripple-backed asset’s future price movements.

Simultaneously, data for the weekend shows that 1.2 billion coins were initially moved to Ripple. Moreover, 1 billion tokens were unlocked from escrow at unknown wallets while 800 million XRP was locked in escrow at Ripple. These transactions, collectively, have further shrouded XRP’s future price movements in a cloud of uncertainty.

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XRP Price Consolidates, What’s Next?

As of writing, XRP’s price stood at $0.5173, down 2.01% in the past 24 hours. The token’s 24-hour lows and highs are $0.5093 and $0.5194, underscoring an extremely tight trading session for the coin. Moreover, weekly charts show a sideways-moving price trajectory, keeping crypto market investors on their toes.

On the flip side, Coinglass data reveals a significant surge in XRP futures OI, jumping 2.30% to $630.56 million, followed by a remarkable 118.50% increase in the derivatives market volume to $597.14 million. This surge underscores the heightened trading activity in the derivatives market, accompanied by increased investor interest in the asset.

On the other hand, the RSI surfaced around 46, flagging broader neutrality with slight downside pressure on the asset. These mixed market technicals have set off a wave of speculations and uncertainty for XRP’s future.

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