XRP Price Near $0.5 Level As Whales Mix 87 Million Coins, What’s Next?

Amid falling prices in the crypto market today, XRP, one of the largest cryptocurrencies by market capitalization, has attracted the attention of investors. With its price fluctuating around $0.5, the token appears to have magnetized the whales, leading to the reshuffling of nearly 87 million XRP in the last 24 hours.

This column gave rise to a cyclone of speculation among crypto market participants regarding the future price trajectory of the token.

Whales move 87 million coins to and from CEXs

According to data revealed by transaction tracking platform Whale Alert, 86.68 million XRP were mixed between unknown exchanges and wallets in the last 24 hours. This highlights the presence of ongoing XRP accumulations and dumps.

Of particular note, two whales have been accumulating more XRP from Binance, despite the token's recent price decline near the $0.5 price level. In contrast, a well-known XRP whale has regularly dumped significant amounts of tokens into Bitstamp, a Luxembourg-based CEX.

Addresses rfQ9EcLkU6 and rarG6FaeYh acquired 30.40 million and 26.44 million XRP, respectively, for a total value of $28.24 million. Conversely, the address XgwHh4Rzn sold 29.88 million XRP, worth $14.83 million. These transactions have sparked various reactions in the broader crypto market, highlighting buying and selling pressures on the asset.

Simultaneously, the XRP price chart shows a trading session in the red and green territories over the past day, although the transactions are mostly in the negative territory.

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XRP Price Drop

At the time of writing, XRP price recorded a 2.19% decline over the past 24 hours and is currently trading at $0.4865. The token’s 24-hour low and high are $0.4849 and $0.5053, respectively, consistent with the charts depicting turbulent movement.

However, the token's OI futures edged up by 0.27%, while derivatives volume skyrocketed by 238.44%. This suggests the presence of some investor interest in the asset, accompanied by a remarkable increase in market activity. However, the RSI stands at 34.35, a bearish signal that validates XRP's bearish momentum.

Additional buying pressure on the asset could fuel a breakout near vital support at $0.52. However, increased selling pressure could push the token to take a bearish turn in the future.

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