Whales Move 244 Mln Coins As Price Regains Momentum, What’s Next?

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XRP, a cryptocurrency backed by Ripple Labs, birthed a tsunami of speculations among crypto traders and investors today, as XRP’s price continued trading in the green, topping the $0.64 mark briefly in the past 24 hours. Amid this notable pump witnessed by the Ripple-backed token, enormous XRP whale activity surfacing across the vast sea of crypto showcased nearly 244 million coins reshuffled, nabbing significant investor attention.

Meanwhile, market dynamics added a tint of optimism to XRP, with the token taking a bullish stage today. Here’s everything about XRP’s tokenomics in the market today.

Whales’ 244 Mln XRP Move Ignites Curiosity

According to the data revealed by the blockchain tracking platform Whale Alert, the aforestated amount was shifted in three noteworthy transactions. Intriguingly, all three of these transactions sparked immense investor enthusiasm, showcasing accumulations and on-chain transfers between whales in hand.

The accumulations done by whales totaled 34 million XRP, withdrawn from Upbit, resulting from a couple of transactions. Whereas, a staggering 210 million XRP was shifted between unknown wallets, coming a a result of another transaction. This collectively echoed a craze following XRP’s regaining of an upward trajectory, mirroring whales’ continued showcasing of a sense of confidence in the asset.

Simultaneously, XRP reflected this sense of confidence among whales, trading in the positive territory today.

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XRP Price Jumps

As of writing, the XRP token’s price has increased by 0.73% over the past 24 hours and is currently trading at $0.6257. A marginal 0.86% increase in the token’s market cap, accompanied by a 7.42% surge in its 24-hour trading volume, sparked a dash of bullishness on the Ripple-backed token. Moreover, with it topping the $0.64 mark again for a brief moment, investors speculate over the token’s run ahead.

The RSI, hovering around 50, suggested that a neutro sentiment currently prevails in the market, with the token neither being overbought nor oversold. Meanwhile, Coinglass’s data spotlighted a slight 0.61% jump in the token’s open interest and a 27.94% surge in the volume, indicating a strengthening of an uptrend market sentiment with increased participation from traders and investors. This collectively hints at the potential continuation of the current trend or a potential consolidation for the token ahead, garnering attention among crypto market enthusiasts globally.

Also Read: Bitwise CEO Predicts Monumental Bitcoin Halving Impact

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