Business

XRP Whales Move 56 Mln Coins Amid Price Flux, What’s Next For XRP Price? – Crypto News

Published

1 year ago

April 10, 2024

Dripp

XRP, a cryptocurrency backed by Ripple Labs, tailored a torrent of speculative buzz across the global crypto realm today, as its price showcased a highly volatile movement in the past 24 hours. Amid this heightened volatility, nearly 56 million coins shuffled by whales nabbed significant investor attention across the broader crypto market.

XRP Whale Transactions: In-Depth Report

According to the data revealed by the blockchain tracker Whale Alert, 55.87 million XRP was collectively shifted in a series of two transactions today, April 10. The first transaction illustrated 23.87 million XRP, worth $14.84 million, dumped to Bitstamp, a Luxembourg City-based CEX. Whereas, 32 million XRP, worth $19.34 million, was accumulated from Upbit, a South Korean crypto exchange, per the second transaction.

This phenomenon stirred speculations over a mixed sentiment among whales for the asset, as data pointed out dumps and accumulations in hand. Meanwhile, as XRP’s price trajectory showcased a highly volatile movement, these transactions additionally birthed questions among investors over the Ripple-backed token’s price action ahead.

Intriguingly, on-chain metrics further shroud the token in a cloud of enigma, hinting at a positive sentiment among investors partaking in the derivatives market. However, the XRP price showcased movement in the red territory as of press time.

Also Read: XRP News: John Deaton Slams Senate Warren Over Crypto Regulation Debate

XRP Price Slips

As of writing, the XRP token’s price noted a 1.21% dip in the past 24 hours and is currently trading at $0.6081. Notably, the token’s 24-hour highs and lows are $0.6413 and $0.602, respectively, mirroring XRP’s illustration of a highly volatile movement over the past day.

Nonetheless, despite XRP’s volatile movement, Coinglass‘ data reinforced a potential price uptrend for the token, revealing a notable surge in its open interest and derivatives volume. XRP’s open interest jumped 3.05%, whereas volume rocketed 49.94%. This underlines an optimistic outlook for XRP in the market, whereas the broader crypto market’s reflection of signs of recovery further garners optimism surrounding XRP’s price moving ahead.

This added a bullish tint to the toke, whereas, in the interim, a retained sense of bullishness on XRP’s potential to hit $1 in April already prevails in the market, with the potential uptrend further sparking curiosity among investors.

Also Read: US Spot Bitcoin ETFs Attract Wealthy Indians Despite Central Bank Warning