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In an unexpected turn of events, XRP, a cryptocurrency backed by Ripple Labs, recently took the cryptocurrency world by storm. Its price showed signs of recovery, regaining upward momentum and peaking at $0.63 as of press time.
During this recovery in the broader crypto market, massive whale activity hovering over the crypto horizon drew significant investor interest. According to market data, 75 million XRP are on the move, sparking a tidal wave of speculation among crypto enthusiasts about XRP's current tokenomics and calling into question the Ripple-backed token's future price action.
XRP Whale Transactions: Accumulation and Dumping Signal Mixed Sentiment Among Investors
According to the insights streamlined by blockchain tracker Whale Alert, three massive transactions contributed to the transfer of 75 million tokens. Two of these transactions featured a well-known XRP whale offloading XRP to CEXs. Meanwhile, an unknown address collected XRP from Upbit, another CEX, as per Coingape.
The address r3oWusPeT9…RNHs4AWfTv purchased 30 million XRP worth $19 million. Meanwhile, the XRP whale …Rzn transferred 22.15 million XRP worth $13.94 million to Bitstamp and 23.20 million XRP worth $14.89 million to Bitso.
This revealed a mixed sentiment among XRP whales, as the transactions above showed an accumulation and dump in hand; meanwhile, while the dump sparked fears of a bearish market trend, the significant accumulation, combined with XRP's price increase, fueled bullishness.
Today's market data for XRP added to the bullish sentiment.
XRP Token's Bullish Surge Indicates Growing Investor Confidence and Market Activity
As of this writing, the XRP token's price has increased by 4.49% in the last 24 hours and is now trading at $0.6351. With a 4.50% increase in market capitalization and a 7.74% increase in 24-hour trading volume, the Ripple-backed token sparked bullish waves across the crypto universe.
Coinglass reported an 8.26% increase in open interest for XRP and a 14.92% increase in volume. In addition to the token's bullish market stance, an increase in the OI-weighted funding rate to 0.0316% hinted at significant new money inflows in the derivatives market, increased market activity, and a heightened sense of readiness among investors to invest more in long positions.
In the meantime, technical indicators show that a buying sentiment for the token prevails in the market, according to Trading View data, indicating further potential gains. Notably, the broader market is already optimistic about XRP's possible rise to $1 in April. With current market data weighing in, crypto enthusiasts closely monitor the token for potential price changes.
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