XRP Price Surges As Whales Transfer 93 Million Coins, What’s Ahead For XRP?

Ripple’s XRP has witnessed another massive whale activity over the past 24 hours. On-chain data reveals that whales moved nearly 93 million coins during significant price volatility for the asset. These whale transactions, including accumulations and selloffs, have created mixed sentiments about the future market performance. 

According to Whale Alert’s data, whales collectively moved a total of 93.58 million XRP coins over the past day. Among these, 32.08 million XRP, amounting to $14.99 million, were transferred by …Rzn to Bitstamp. The remaining coins were accumulated by two prominent XRP whales who had previously been noted for accumulating XRP during its recent drop below the critical support level of $0.5. The address rhWj9gaoww purchased 28.77 million XRP, valued at $13.77 million. Additionally, the address rfQ9EcLkU6 amassed 32.73 million coins totaling $15.51 million. 

It’s important to highlight that recent accumulations of XRP have offset the amount being dumped onto exchanges, tilting sentiment toward optimism for the token. However, XRP has experienced mixed trading activity, facing both buying and selling pressures, as evidenced by sessions in both red and green territory over the past day. 

As of press time, XRP is trading at $0.4755 reflecting a 0.69% increase in the last 24 hours. According to Coinglass data, XRP’s futures open interest (OI) has risen by 0.73%, accompanied by a significant 52.08% increase in derivatives volume. Despite recent volatility, this data highlights a modest uptick in investor interest in the asset. 

Meanwhile, XRP has also seen a significant rise in trading volumes, contrasting with a broader market downturn. According to CoinMarketCap, over the past 24 hours, XRP’s trading volume surged by 170% reaching $1.035 billion. 

This increase comes during a period of massive correction across the crypto market, affecting major players such as Bitcoin.