XRP Whales Triggering Excitement with Big Moves in the Derivatives Market
XRP, has been experiencing a notable attention towards increase in investor. This surge in interest can be attributed in part to the transfer of approximately 77 million XRP by large holders, also known as “whales.” This activity occurred amidst an upcoming closed-door meeting involving the U.S. Securities and Exchange Commission (SEC), creating an atmosphere of uncertainty and anticipation in the market.
Overview of Whale Activity
The whale activity involved two significant transactions. One involved the acquisition of 23.28 million XRP (approximately $13.90 million) from Binance, a leading centralized exchange (CEX). The other transaction entailed the transfer of 54.29 million XRP (approximately $32.30 million) to the CEXs Bitstamp and Bitso. Both transactions have contributed to the overall uncertainty surrounding XRP’s future performance.
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Future Outlook and Ripple-SEC Lawsuit
However, there is also a wave of optimism fuelled by the anticipation of a potential resolution to the ongoing lawsuit between Ripple and the SEC. The SEC is set to partake in a closed-door meeting on July 25th, believed to address matters related to Ripple. The outcome of this meeting is highly anticipated and could serve as a significant catalyst for XRP.
According to data from Coinglass, there has been a substantial rise in open interest (OI) to $796.75 million, signaling heightened investor interest in XRP. Simultaneously, derivatives volume surged to $2.21 billion, indicating increased activity in the market. Hourly and 4-hour time frame charts depicted a 2.55% and 7.21% OI increase, further bolstering optimism surrounding XRP.
Final Thought
Within the derivatives market, there has been a discernible increase in investor interest and activity. At the time of reporting, XRP’s price traded at $0.62, reflecting a 2.57% increase, with 24-hour lows and highs at $0.5843 and $0.6297, respectively.
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