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Whales Shuffle 51M XRP: Whale Alert
XRP has once again curated a tidal wave of optimism among crypto market participants today, breaking the $0.56 price level. On-chain data reveals that whales shuffled millions of coins amid the Ripple-backed token’s upswing, generating a torrent of speculative buzz on future price movements. So, let’s take a closer look at the asset’s current market dynamics and its next price target, which crypto market participants are eagerly awaiting.
Whales Shuffle 51M XRP: Whale Alert
According to data offered by the on-chain transaction tracker Whale Alert, two whales collectively shuffled 50.92 million coins, worth $27.45 million, over the past day. These whale transactions encompassed both accumulations and dumps.
Notably, 27.9 million coins, worth $14.91 million, were transferred by the renowned whale,..Rzn, to the Bitstamp crypto exchange. Simultaneously, the whale address rarG… was recorded to have bagged 23.02 million coins, worth $12.54 million, from the Binance crypto exchange.
Intriguingly, both the whale addresses stage as renowned XRP whales, which CoinGape reported previously to be making similar transactions. The uncertainty of the transactions has further birthed contrasting market sentiments on future price movements.
Ripple’s Token Rallies 30%
At press time, XRP price traded at $0.5707, up 8.21% over the past day. Its 24-hour bottoms and tops were recorded as $0.5241 and $0.5682, respectively. The weekly chart showcased a phenomenal 31% price upswing, birthing further market optimism. This rising action comes against the backdrop of the broader crypto market recovery.
Next Price Target
Additionally, the token’s futures OI surged 6.77% to $730.46 million, accompanied by a derivatives volume upsurge of 90.80% to $4.13 billion. This data further rationalized the digital asset’s market uptrend while also underscoring burgeoning investor interest.
Also, the RSI moved alongside 72, hinting that the asset might be slightly oversold. This paves the way for short-term pullback or corrections in price.
However, crypto market analyst Dark Defender took to X amid this price upswing, spotlighting the next vital resistance of $0.6044, then $0.6649. Should XRP scale these levels, crypto market enthusiasts expect further gains in the pipeline.
Conclusion
In conclusion, the recent price upswing of XRP has sparked optimism among crypto market participants, with whales shuffling millions of coins and the token’s futures OI and derivatives volume surging. While the RSI hints at a possible short-term pullback, the asset’s market dynamics and next price target suggest a potential for further gains.
FAQs
Q: What is the current price of XRP?
A: The current price of XRP is $0.5707.
Q: What is the recent price upswing of XRP attributed to?
A: The recent price upswing of XRP is attributed to whales shuffling millions of coins and the token’s futures OI and derivatives volume surging.
Q: What is the next price target for XRP?
A: The next price target for XRP is $0.6044, then $0.6649.
Q: Is the RSI hinting at a possible short-term pullback?
A: Yes, the RSI is hinting at a possible short-term pullback, but this paves the way for further gains in the long term.
