Whales Moving Millions On Massive Activity In Derivatives Market

XRP News: XRP, one of the largest cryptocurrencies by market cap, has birthed considerable investor speculations today, July 24. As nearly 77 million coins were transferred by whales against the backdrop of a looming SEC closed-door meeting, market sentiments have taken an intriguing turn. Meanwhile, the XRP derivatives market saw a frenzy, underscoring the presence of bullish market dynamics for the asset. Here’s a brief overview of the current market statistics that have raised eyebrows worldwide.

XRP News: Whales Transfer 77M Coins

According to the data revealed by the transaction tracker Whale Alert, 77.57 million XRP was shifted by whales over the past day. These transactions consisted of whale accumulation and dumps in hand.

Notably, 23.28 million XRP, worth $13.90 million, was accumulated from Binance, a leading CEX. The whale address rarG6FaeYh was recorded making this accumulation. Simultaneously, the renowned whale address ‘..Rzn’ shifted 54.29 million coins, worth $32.30 million, to the CEXs Bitstamp and Bitso via two transactions. Altogether, the whale activity has sparked uncertain market sentiments on the asset’s future performance.

However, it’s worth noting that a tidal wave of optimism persists with the potential imminent settlement of the Ripple vs SEC lawsuit. The American regulatory body is all set to attend a closed-door meeting tomorrow, July 25, which is rumored to consist of talks on Ripple. The meeting’s result is much-awaited by the global crypto community, and could stage as a potential optimistic XRP news.

Also Read: AVAX And MATIC Under Pressure After This Key Move By Binance

Derivatives Data Highlights Increased Investor Interest

Meanwhile, the XRP price traded at $0.62, up 2.57% at press time. Its 24-hour lows and highs were evaluated as $0.5843 and $0.6297, respectively.

XRP Futures OI chart by Coinglass illustrated that the open interest rose considerably to $796.75 million today, underscoring increased investor interest in the asset. Simultaneously, the derivatives volume followed, rising to $2.21 billion. Also, the hourly and 4-hour time frame charts showed a 2.55% and 7.21% increase in the OI, respectively. This data, collectively, added a layer of optimism to the Ripple-backed coin, driven by investor enthusiasm.

Also, another recent XRP news that sent the market abuzz included XRPScan’s revelation of data, hinting that Elon Musk did not own any of the Ripple-backed crypto.

Also Read: Elon Musk Joins Pro-Bitcoin RFK Jr. To Slam Kamala Harris

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