The price of XRP has seen a 1.06% increase, currently trading at $0.4863. In the past month, numerous transfers of XRP coins have been detected. Despite being a leading altcoin and one of the top cryptocurrencies by market cap, XRP has faced challenges due to ongoing legal disputes with the U.S. Securities and Exchange Commission (SEC). This week, XRP experienced a 7% decline, marking a bearish phase.
As of now, XRP is trading at $0.4863, showing a 1.06% increase in the last 24 hours. Its market capitalization exceeds $26.9 billion, with trading volume rising by 9.40% to $1.28 billion. While bears dominate the market, whales have been capitalizing on the situation by selling large amounts of XRP, putting pressure on the token’s price. A significant whale recently transferred approximately 52 million XRP coins to exchanges within the past day, raising concerns about market sentiment and future price movements for XRP.
The activity of XRP whales has been bearish lately. In June, a substantial transfer of around 91 million XRP was observed from an unknown wallet to Bitstamp. Additionally, 89 million XRP were moved from Binance to an unknown wallet, 52 million tokens were sent from an unknown wallet to Bitso, and 150 million XRP were transferred from Ripple to an unknown wallet. Moreover, 61 million XRP was transferred from Coincheck to an unknown wallet, another 61 million XRP from an unknown wallet to Coincheck, and 39 million XRP from an unknown wallet to Coinbase.
These transactions indicate an increased supply pressure on exchanges for XRP, creating obstacles for the asset’s price to increase. If the transferred coins are sold, it could result in a temporary drop in XRP’s price. However, if the transfers are strategic moves, they may not have a significant impact on the market.
In other news, Bitcoin whales have been accumulating $1.38 billion worth of BTC, taking advantage of the price dip.