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- Whale activity drives XRP’s 3.47% increase in a day to $0.5168.
- Whales moving 151 million XRP produce mixed sentiments.
With XRP having had a slow trading session for the previous week, the price of the Ripple-backed token has recovered upward momentum today, May 16, rising to $0.51. Among participants in the global cryptocurrency market, this phenomenon has attracted a lot of interest because whales have shifted an astounding 151 million XRP during this noteworthy price increase.
Market Effects and Whale Activity
Crypto whales have transferred a startling 151.31 million XRP in the last 24 hours, according to an on-chain analytics tool called Whale Alert. These trades, which show a combination of dumps and accumulations, have left market expectations about the future price action of XRP unclear.
According to the data, a well-known XRP whale going by the name of…Rzn kept dumping large volumes of XRP to Bitstamp and Bitso, which controlled exchanges. Meanwhile, Coincheck, a Japanese cryptocurrency exchange, was reported to have accrued a staggering 100 million XRP to an unidentified address, r99QSej32n.
Though the enormous amount of tokens acquired in the last 24 hours dilutes the amount of coins transferred to Bitstamp and Bitso, it’s important to keep in mind that the well-known XRP whale has been dumping money ever since Ripple strategically partnered with the previously mentioned exchanges.
This information taken together suggests that the Ripple-backed coin is experiencing simultaneous pressure from buyers and sellers, which is creating a whirlwind of contradictory feelings among cryptocurrency investors.
Market Data as of Right Now
CoinMarketCap data shows that the price of XRP at the moment of writing is about $0.5168, up 3.47% from the previous day. This also shows a little upward trend over the last seven days, up 0.65%.
Unbelievably, Coinglass data shows that XRP was in an upward market trend at press time, with a 9.80% increase in derivatives volume to $831.97 million and a 3.53% increase in open interest to $580.92 million. The RSI, which was around 49, however, indicates that the asset is neither overbought nor oversold.
Strategic Actions of Ripple and Upcoming Expectations
Additionally, as ETHNews previously reported, Ripple’s deliberate efforts to enhance Web3 capabilities with Evmos by developing the XRPL EVM sidechain have bolstered the positive trend. Through this partnership, the XRP Ledger’s scalability and usefulness should be enhanced, maybe increasing interest and adoption.
