XRP Whales Increase Activity, Adding to Price Uncertainty Amid Ongoing Legal Battles
The movement of XRP whales has intensified, contributing to the uncertainty surrounding the price of Ripple Labs’ cryptocurrency. Recent escrow transactions and price volatility have caught the attention of crypto investors. On-chain data reveals that approximately 80 million XRP coins were shuffled, alongside numerous escrow locks and unlocks over the weekend.
Speculation regarding the future of XRP is rampant due to the ongoing legal dispute between Ripple and the U.S. SEC. This analysis aims to shed light on the unpredictable trajectory of XRP by examining the activity of whales and significant escrow transactions that occurred over the weekend.
Following the unlocking of 1 billion XRP from escrow and the subsequent locking of 800 million coins in the same, XRP whales were found to have moved 80 million coins, as reported by the on-chain transaction tracker, Whale Alert. One whale accumulated while another offloaded XRP onto exchanges within this shuffled amount. These whale movements have added an element of mystery to the future price swings of this Ripple-backed asset.
Moreover, weekend data reveals that 1.2 billion coins were initially transferred to Ripple, with an additional 800 million XRP held in escrow. Simultaneously, 1 billion tokens were released from escrow at unidentified wallets. Collectively, these trades have contributed to the uncertainty surrounding potential price swings of XRP.
Interestingly, data from Coinglass indicates a significant increase in XRP futures open interest, rising by 2.30% to $630.56 million. Additionally, the derivatives market volume saw a noticeable increase of 118.50% to $597.14 million. These figures highlight the heightened trading activity in the futures market and the growing interest in XRP from investors.
As of the time of writing, XRP is valued at approximately $0.5207, reflecting a 0.80% increase in the past 24 hours, according to CoinMarketCap data. However, over the past seven days, XRP has experienced a bearish trend, declining by 1.30%. In a further demonstration of significant whale activity, CNF recently reported on a whale purchasing $52 million worth of XRP from Binance.
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