Over the past 24 hours, there has been significant activity from major XRP “whales” in the cryptocurrency market, leading to noticeable fluctuations in the token’s price. These whales, who collectively hold over 320 million XRP, have been making moves amidst Ripple’s ongoing legal battle with the SEC, causing increased volatility in the market.
According to the Whale Alert monitoring system, these large investors have been engaged in a mixture of selling and accumulating XRP. Notably, two specific whales have been responsible for significant transactions. One of them, identified as “…Rzn”, has transferred 58.19 million XRP to the Bitstamp and Bitso exchanges through two separate transactions.
On the other hand, contrary to the selling trend, another whale known as “raFi32M” has made a substantial purchase by acquiring 262.57 million XRP in a transaction on Kraken. This accumulation behavior by the whale has generated optimism among investors, indicating a belief in the future value of XRP despite recent price drops.
This pattern of whale behavior is not new and was also observed in May when the price of XRP dropped below $0.53. It suggests a consistent strategy employed by these large investors to take advantage of price declines and accumulate more assets.
As of now, XRP is trading at $0.5187, experiencing a slight 0.5% drop for the day. This decrease aligns with the broader downward movement in the cryptocurrency market. Additional data reveals a 3.40% decrease in XRP futures open interest and a 0.56% drop in derivatives market volume, indicating a decrease in investor interest.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and do not constitute financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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