XRP’s $1 Potential: Is It Still Within Reach Amidst Whale Transfers?

XRP has attracted significant investor attention due to recent whale movements and its volatile price action. In the last 24 hours, a total of 237.45 million XRP was transacted, involving both whale dumps and accumulations.

Notable transactions include a dump of 35.35 million XRP, valued at $15.19 million, to the Bitstamp exchange by a prominent XRP whale identified as …Rzn. Additionally, the address rfQ9EcLkU6 acquired a substantial amount of XRP, worth $22.71 million, from Binance. In a particularly intriguing move, Ripple transferred 150 million XRP, worth $64.28 million, to an unknown wallet address rP4X2hTa7A, sparking uncertainty among market participants.

Read Also: Bitcoin’s Price Skyrockets Beyond $57K as Market Rallies

Market Trends and Performance

Despite assurances from the XRP community that Ripple’s transfers are not dumps, investors remain cautious in light of these large on-chain movements. Consequently, XRP’s price has exhibited high volatility, currently trading at $0.4347 with a 1.33% decrease. The coin’s futures Open Interest (OI) has decreased by 2% to $447.30 million, accompanied by a 15.57% dip in derivative volume to $1.16 billion, contributing to the ongoing price volatility.

The Relative Strength Index (RSI) for XRP stands at 38, indicating downward pressure and reinforcing the current turbulent movement. Notably, XRP is trending below the 21-day, 50-day, and 200-day simple moving averages (SMAs), reflecting recent market sluggishness. However, the potential for additional selling momentum to drive the token into oversold territory may present an opportunity for upward movement.

Ripple vs SEC Lawsuit

Furthermore, the approaching conclusion of the Ripple vs. SEC lawsuit on July 31 introduces an additional layer of speculation regarding XRP’s future price movements. Despite the uncertainties, the recent rebound in BTC price has led to an upturn in XRP’s price, albeit followed by signs of consolidation.

Read Also: Singapore Exchange (SGX) Drops Bitcoin and Crypto ETF Listings, What’s Next?

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Tolu Zach is a multifaceted professional with expertise in both crypto content creation and medical laboratory technology. With a unique blend of analytical skills and industry knowledge, Tolu navigates the complexities of cryptocurrency while maintaining a pivotal role in healthcare. Trusted for insightful analysis and accurate diagnostics, Tolu excels in diverse fields.