One of the leading cryptocurrencies by market capitalization worldwide, Ripple, has once again generated a flurry of conjecture on the broader market. The cryptocurrency price backed by Ripple experienced a notable decline concurrently with mixed whale transactions documented throughout the previous day. Notably, during XRP’s decline to the $0.47 price level, on-chain data revealed that almost 85 million coins had accumulated and been thrown into one’s possession. As a result, many conclusions about the asset’s potential performance in the market have been drawn.
Dolphins Move $85 Million in Coins “to and fro” CEXs
On the last day, 85.26 million Ripple were moved around among wallets and exchanges, according to statistics from Whale Alert. There are accumulations and dumps in hand in these whale deals.
Data demonstrates that a well-known XRP whale, Rzn, transferred 30.82 million XRP, valued at 14.87 million, to Bitstamp. Two additional prominent XRP whales then made off with 28.21 and 26.23 million tokens, respectively.
It’s important to note that Coinweber Media recently highlighted whales storing massive quantities of XRP, including the ones described above. This highlights whales’ faith in the asset and gives the token’s future price ambitions a positive tone.
XRP, however, is more volatile due to concurrent purchasing and selling pressure, as seen in the transactions above. While the current decline is consistent with the overall trend in the cryptocurrency market, conjectures on the impact of whale transfers on the asset continue to exist.
Price Slips for XRP
As of this writing, the price of Ripple has dropped 2.51% to $0.476. The token moved quickly; its 24-hour low and high were $0.4693 and $0.4868, respectively.
On the other hand, as XRP’s Futures OI surged 3.26% to $575.95 million and as derivatives volume surged 364.09% to $1 billion, the derivatives market witnessed heightened investor interest. However, the asset experienced resistance on the downside, as evidenced by the price struggle as the RSI remained close to 38. Combining these facts points to divergent opinions on how the asset’s price will fare.
Furthermore, a new analysis of the price of Ripple by Media indicates that bearish in the cryptocurrency market may lose control of the asset supported by Ripple, thus opening the door for a future pump.
