Crypto
XRP Whale Activity Indicates Potential Price Rebound, But Recent Transfers to Exchanges Trigger Bearish Sentiment
courtesy of bitcoinist.com
Large Investors Take Advantage of XRP's Sluggish Performance
XRP has had a relatively quiet price performance over the past week. However, recent data revelation points to massive on-chain activity for the altcoin in the last seven days. Large investors appear to be taking advantage of the cryptocurrency’s sluggish performance in the previous week to increase their portfolios.
Significant Whale Activity in XRP Market
Prominent crypto analyst Ali Martinez revealed significant whale activity in the XRP market over the past week. According to data from Santiment, these large investors purchased about 11 million tokens (worth roughly $6.82 million) in the last seven days.
Growing Interest Among Major Holders
This latest on-chain data suggests growing interest amongst the major holders and large investors. And given the significance of this class of XRP investors, massive buying activity could be a precursor or an indicator of a potential price rebound.
Potential Price Upswing Might Be Far-Fetched
However, recent blockchain data suggests that a potential price upswing for the altcoin might be a little far-fetched. A particular whale transferred a substantial amount of XRP tokens to crypto exchanges in the past week.
Transfers to Centralized Exchanges Trigger Bearish Sentiment
According to recent data from Whale Alert, more than 50 million tokens (worth approximately $31 million) were moved to centralized exchanges. These transfers have triggered bearish sentiment amongst XRP investors, as this type of transaction often precedes selloffs and speculation about a potential dip in the cryptocurrency’s value.
XRP's Price Performance and Recovery
As of this writing, the XRP token is valued at $0.621711, reflecting a negligible 0.4% price increase in the past 24 hours. Similarly, the altcoin’s performance has not been particularly impressive on the weekly timeframe. According to data from CoinGecko, the cryptocurrency’s price has jumped by 1.7% in the past seven days.
Nevertheless, XRP seems to be recovering well following the ETF fiasco that put downward pressure on its price. With a market capitalization of roughly $33.4 billion, the token currently ranks as the fifth-largest cryptocurrency.
courtesy of bitcoinist.com
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