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XRP Holds $0.52 Amidst Whale Activity: What’s Ahead?

XRP Holds $0.52 Amidst Whale Activity: What’s Ahead?

The fact that XRP has continued to trade above the $0.52 price level has caused whale activity to rise significantly once more, attracting the interest of many investors. According to on-chain data surfacing in the market, little more than 218 million coins have been shuffled in the last day.

According to the data, whales are shown to be participating in buy-and-dump transactions, which has led to predictions that XRP may rise shortly. A thorough report on this development can be found here.

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Whale Alert: 193 Mln Coins Shuffled

The on-chain transaction tracker Whale Alert provided the data, which shows that in the last 24 hours, whales transferred an incredible 218.06 million coins together. Two whales from Binance were said to have bagged 50.25 million XRP, while the remaining whales offloaded sizable sums of the same to various CEXs.

Significantly, the data shows that 167.81 million XRP were offloaded to Bitstamp, Bitso, and Coinbase exchanges. The dumps further damaged the accumulation from the previous day.

It’s also important to note that XRP whales who purchased tokens from Binance have reportedly been doing the same thing in the past, indicating growing confidence in the asset’s future growth.

Meanwhile, ripple has absorbed the market’s supply pressure. Further fueling rumours is the significant increase in whale activity after ripple ETF excitement in the industry.

Price Slips for XRP

As of this writing, the XRP cryptocurrency saw a 0.14% decline following a strong trading session that ended the previous day in the positive. At $0.5242, the token is in its current resting place; its 24-hour low and high are $0.5241 and $0.5307, respectively.

According to Coinglass statistics, ripple’s futures open interest (OI) has steadily risen over the past several days, closing at $666.79 million. Still, the volume of derivatives fell 19.76% to $657.42 million. This has consequently given rise to conflicting opinions on ripple’s prospects in the larger cryptocurrency market.

The RSI also added weight to the conjectures, indicating that the asset is neither overbought nor oversold. The cryptocurrency supported by Rupple Labs is making ripples in the market.

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