XRP, Ripple’s flagship cryptocurrency, surged past $0.45, defying market expectations. In the past 24 hours, 68 million coins were dumped in exchange like Bitstamp and Bitso, yet the token’s upward momentum remained strong. This surge comes as Ripple nears the end of its lawsuit with the SEC, adding intrigue to XRP’s performance.
Massive Whale Movements Revealed
Whale Alert, a blockchain tracker, reported significant activity from a prominent XRP address known as “Rzn.” This address offloaded 68.13 million tokens. The first transaction moved 34.23 million coins, worth $14.88 million, to Bitso. The second moved 33.90 million coins, worth $14.75 million, to Bitstamp. Market analysts are keenly observing these whale movements to understand the strategies behind such large transfers.
XRP Price and Market Trends
XRP increased by 3.12%, reaching $0.4515. Its 24-hour trading range fluctuated between $0.4317 and $0.4528, indicating a volatile yet bullish market. Also, Coinglass data shows a 4.45% rise in futures open interest, now at $471.07 million. Derivatives trading volumes spiked by 25.16% to $916.56 million, hinting at a continued uptrend.
Read Also: XRP to Moon or Saturn? Bitstamp and Robinhood Deal Fuels Speculation
Market Neutrality Despite Price Surge
Despite the price increase, XRP’s Relative Strength Index (RSI) hovers around 45. This indicates the asset is neither overbought nor oversold, suggesting a neutral market. The ongoing legal proceedings between Ripple and the SEC could influence future price movements. Investors and traders are closely watching these events to navigate their strategies effectively.
