XRP Price: Whales Shuffle 318M Coins as Price Holds $0.52 Support
Despite a bearish trend in the XRP price over the last 24 hours after bulls failed to breach the intra-day high of $0.5276, support at the intra-day low of $0.5276 managed to hold. This decline was accompanied by a surge in whale activity, as reported by the on-chain transaction tracker Whale Alert.
At press time, XRP was still in a negative trend, with prices exchanging hands at $0.5204, a 1.16% decline from the intra-day high.
During this decline, XRP’s market capitalization fell by 1.11% to $28,869,150,197, while the 24-hour trading volume surged by 5.68% to $1,206,808,325. This trend suggests traders are taking advantage of the dip to accumulate more coins.
Source: CoinMarketCap
Whales Shift 318M Coins Amid XRP Price Correction
As per a recent report, significant XRP transactions were recorded, signalling considerable movement by cryptocurrency whales. An estimated 28,890,000 XRP, valued at approximately $15,025,812, was transferred from an unknown wallet to the cryptocurrency exchange Bitstamp. Shortly after, another substantial transfer involved 29,850,000 XRP, worth around $15,522,089, moving to the exchange Bitso.
Concurrently, the trading volume for XRP derivatives has decreased by 1.61%, totalling $646.70 million. This reduction indicates a slowdown in trading activity or a consolidation phase in the market. Moreover, the open interest, which represents the total number of outstanding derivative contracts that have not been settled, has also fallen by 1.65% to $651.56 million, indicating a decrease in market participants or a reduction in new positions being opened.
Source: Coinglass
Amid this trend, options volume has decreased by 46.56% to $584.98, a notable drop that reflects a decrease in speculative activity or hedging strategies among traders.
Conversely, options open interest increased sharply by 15.02%, reaching $290.99K. This divergence between volume and open interest indicates that while fewer new options contracts are being traded, more positions are being held open, possibly as traders wait for a clearer signal in market direction.
XRP/USD Technical Analysis
On the XRPUSD price chart, the Moving Average Convergence Divergence (MACD) trend south and below its signal line in the negative region with a rating of -0.0006 indicating a potential continuation of the bearish rally in the XRP price.
This trend and the histogram shift in the negative region back the adverse trend signalling increasing selling pressure.
Source: TradingView
Moreover, with the Chaikin Money Flow (CMF) also in the negative region, money is flowing out the market indicating that more distribution is happening than accumulation which is a sign of selling pressure. However, since the Money Flow Index (MFI) is nearing the oversold region with a rating of 29.56, a potential reversal may be looming if buying interest returns.
Read Also: Crypto Scam: NYAG Lock Horns With Firms With $1B Fraud Stint
The post XRP Price: Whales Shuffle 318M Coins as Price Holds $0.52 Support appeared first on CoinGape.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings