XRP Price Faces Turbulence Near $0.5 As Whales Shuffle 80M Coins, What’s Next?

XRP, a cryptocurrency backed by Ripple Labs, has taken the broader industry by storm today, June 18, defying the broader market sentiment. Against the backdrop of the crypto market’s bearish price trajectory, XRP has managed to trade in the green with some volatility, piquing significant investor attention.

Notably, whales have taken action amid this turbulent price performance illustrated by XRP, moving nearly 80 million coins between wallets and exchanges. This has caused a stir among traders and investors speculating over the digital asset’s future price trajectory.

Whales Move 80M Coins Back & Forth CEXs

According to data by Whale Alert, three whale transactions collectively aided in the shuffling of 80.34 million XRP in the past 24 hours. Two of these transactions showcased massive token dumps to exchanges, while one showed XRP accumulation by a whale.

As per the data, the renowned XRP whale …Rzn shifted 28.24 million XRP, worth $14.62 million, to Bitstamp. Further, the same whale shifted 19.96 million XRP, worth $10.33 million, to Bitso. Meanwhile, the address rarG6FaeYh, previously known for accumulating colossal amounts of XRP, bagged 32.14 million coins, worth $15.67 million. These accumulations and dumps have generated a torrent of mixed market sentiments among crypto market participants.

Simultaneously, the XRP price landed in both red and green territories in the past 24 hours, further aligning with the mixed sentiments and the broader market’s movement.

Also Read: ETH Price Drops 5%, Ethereum ICO Whale Moves $20 Million of ETH to Kraken

XRP Price Springs

As of writing, XRP price jumped o.68% in the past 24 hours to trade at $0.5006, despite crypto prices trading mainly bearishly today. The token’s 24-hour lows and highs are $0.4808 and $0.5194, respectively, underlining a volatile movement.

XRP’s trading volume from yesterday spiked 242.21%, whereas the Ripple-backed token garnered additional attention as it pumped while BTC, ETH, and others tanked. Coinglass data highlighted reduced investor interest in the asset, as the Futures OI dipped 0.41% to $559.98 million. However, the derivatives market activity has been on the rise, as the volume surged 337.97% to $3.25 billion. This data painted an uncertain market scenario for XRP at press time.

Besides, the RSI stood around 45, illustrating that the asset is neither overbought nor oversold with slight downside pressure. Nonetheless, the broader industry participants remain optimistic about the asset’s potential ahead, as the introduction of RLUSD stablecoin has birthed an optimistic torrent. This is further accompanied by a stockpile of advancements within the XRPL (XRP Ledger), the blockchain for XRP.

Also Read: Ethena Labs Revamps ENA Tokenomics, Introduces Forced Vesting

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