Against the backdrop of a sluggish trading session witnessed by XRP over the past week, the Ripple-backed token’s price has regained an upward momentum today, May 16, rebounding to the $0.51 price level. This phenomenon has garnered significant attention among crypto market participants globally, as whales have further shuffled a whopping 151 million XRP amid this notable price upswing.

On-chain data hovering over the crypto horizon revealed XRP accumulations and dumps in hand, stirring mixed market sentiments on the token’s future price action. Here’s a deeper dive into XRP’s on-chain data and recent price movements.

Whales Shift 151 Mln Coins Sparking Speculations

Whale Alert, an on-chain analytics platform, has reported a staggering 151.31 million XRP being moved by crypto whales in the past 24 hours. These transactions, which indicate a mix of dumps and accumulations, have left the market sentiments on XRP’s future price action in a state of uncertainty.

As per the data, a renowned XRP whale, …Rzn, continued to dump significant amounts of XRP to CEXs Bitstamp and Bitso. Meanwhile, an unknown address, r99QSej32n, was registered to have accumulated a whopping 100 million XRP from Coincheck, a Japanese cryptocurrency exchange.

Although the massive amount of tokens accumulated in the past 24 hours undermines the number of coins moved to Bitstamp and Bitso, it’s worth remembering that the renowned XRP whale has been continuously offloading coins following Ripple’s strategic collaboration with the before-mentioned CEXs. Collectively, this data hints that the Ripple-backed token is witnessing both buying and selling pressure in tandem, causing a flurry of mixed market sentiments among crypto market investors.

Also Read: Crypto Prices Today May 16: Bitcoin Surpasses $65K, Ethereum Gains, Floki Grabs Spotlight

XRP Price Upswings

As of writing, XRP’s price has jumped 3.97% in the past 24 hours and is currently trading at $0.5187. Its 24-hour lows and highs are $0.4984 and $0.5196, respectively.

Intriguingly, Coinglass data spotlights a market uptrend for XRP at press time, as its open interest surged 3.53% to $580.92 million, followed by a derivatives volume upswing of 9.80% to $831.97 million. However, the RSI stood around 49, hinting that the asset is neither overbought nor oversold.

This, has stirred a whirlpool of speculations surrounding the Ripple-backed token’s future price action. Further, as May 20 nears, the XRP community braces itself for new developments regarding the Ripple vs U.S. SEC lawsuit.

Also Read: GameStop (GME) Frenzy Spreads Into Crypto Meme Coins, Caution Ahead?

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