In a riveting turn of events, XRP, a cryptocurrency backed by Ripple Labs, curated a tidal wave of speculation among crypto market traders and investors today, April 2, as whales and Ripple moved colossal amounts of tokens in the past 24 hours. This phenomenon promptly gained significant traction across the broader crypto market, as XRP illustrated a substantial downtrend today, trading below the $0.60 mark as of press time.

Notably, insights revealed by the blockchain tracker Whale Alert spotlighted nearly 925 million XRP on the go. Meanwhile, on-chain data and market dynamics for XRP additionally fueled a storm of speculations orbiting the token’s price action ahead.

925 Mln XRP On The Move: Whales & Escrow Locks Weigh In

According to the data revealed by the blockchain tracking platform Whale Alert, four noteworthy transactions collectively attributed to the shifting of nearly 925 million tokens. Two of these transactions showcased XRP locked in escrow at Ripple, whereas the remaining two showcased on-chain whale transfers.

Intriguingly, Ripple locked 800 million XRP, worth $487.56 million, in escrow via a couple of transactions. Whereas, a renowned XRP whale dumped 24.70 million coins to Bitstamp, a Luxembourg city-based CEX. This was followed by another 100 million coins transfer between unknown wallets, collectively attributing to transactions mirroring the relocation of approximately 925 million XRP tokens.

Simultaneously, as XRP traded notably in the red, coming in tandem with the abovementioned transfers, a sense of frenzy echoed across the crypto horizon. Despite XRP’s supply taking a hit with the escrow lock mentioned above, the token’s chart illustrated a steep fall, garnering considerable attention.

Also Read: Bitcoin ETF Flows Turn Negative As Q2 Begins, Halving Excitement Ends?

XRP Price Tumbles

As of writing, the XRP token’s price has fallen 4.62% in the past 24 hours and is currently trading at $0.599. Its slip below the $0.60 mark has kept investors on their toes as market dynamics further fuel speculation over future movements.

Although the token’s technical indicators illustrate a selling sentiment prevailing within the market, the RSI hovered around 45, signaling a neutral sentiment. This implied potential divergence in market sentiments, adding to the token’s enigmatic staging in the market.

On the other hand, the token’s open interest noted a 3.02% surge, accompanied by a staggering 316.24% upswing in the derivatives volume, per Coinglass data, suggesting growing interest and burgeoning activity from traders, which could potentially drive price movements in either direction.

Collectively, this showcases a highly volatile sentiment in the market for XRP, with crypto market enthusiasts expecting bulls or bears to win over the token anytime soon. Meanwhile, a renowned crypto market analyst, going by the name Cryptoes, further stressed the significance of maintaining the crucial $0.60 level for XRP. Although the token noted a dip below the vital level mentioned previously, as also discussed above, crypto market enthusiasts keenly await future movements.

Also Read: Crypto Prices Today April 2: Bitcoin Plunges To $66K, Ethereum Below $3400, SOL & XRP Crash

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link