XRP whales recently amassed about 39 million XRP, sparking predictions of further price increases.
In contrast to the accumulating, XRP had negative trading today.
Derivatives data encouraged further gloomy thoughts, while a pump might be imminent.
In a thrilling turn of events, Ripple Labs-backed cryptocurrency XRP recently sparked a global wave of conjecture among traders and investors in the cryptocurrency space by highlighting two significant accumulations from Binance, the top cryptocurrency exchange in the world. These accumulations quickly garnered significant traction in the wider cryptocurrency market. As of press time, XRP was trading lower today, falling down below $0.61.
Buying the dip sentiments that are typical of the market seem to be supporting this large accumulation. Conversely, data from derivatives suggested that there was a pessimistic attitude in the market, which is consistent with the significant collapse of the cryptocurrency market that is currently taking place.
XRP Whales Deals: An Extensive Analysis
Based on information made public by the blockchain monitoring service Whale Alert, two unidentified wallets amassed 38.7 million XRP between them over the course of two transactions. The first transaction showed that an unidentified wallet, rfQ9EcLkU6…eN47Rk8Cvi, had amassed 19.21 million XRP, or $12.03 million, from Binance. However, the second transaction showed that another address, rarG6FaeYh…gFsPn2bZKk, collected 19.49 million XRP, or $12.20 million, from the same CEX.
These trades reflected the increased on-chain activity for the Ripple-backed coin and suggested that whales around XRP were feeling more confident. But the substantial decline in XRP that occurred today stoked conjecture over the aforementioned accumulations and the token’s divergent price behaviour.
Price Slips for XRP
The price of XRP has decreased by 4.06% in the last day as of this writing, and it is presently trading at $0.6162. This price behaviour contrasts with the bullish talk around XRP’s possible $1 run, even though it is consistent with the current enormous liquidation of the cryptocurrency market.
Prominent analysts like Dark Defender and Egrag Crypto, as previously reported by Crypto Media, continued to be optimistic about the Ripple-backed token’s possible rise to $1 in the future. The accumulations seem to be riding this wave simultaneously.
Nevertheless, Coinglass’s derivatives data revealed a negative attitude in the market, as seen by the token’s OI-weighted funding rate plunging significantly to 0.0147%. Along with the price decline, XRP’s open interest plunged, adding to the token’s pessimism and raising speculation about a future price rebound.
