Ripple Moves Whopping 150M XRP, As Price Sees 6% Increase: What’s On the Horizon?
American blockchain payments company Ripple made a significant 150 million XRP transfer, which coincided with a 6% increase in XRP price. This event has generated enthusiasm among investors, particularly in light of recent community developments and the launch of the new Grayscale XRP trust.
Ripple 150M XRP Transfer
Whale Alert reported that Ripple transferred 150 million XRP, valued at $85 million, to an unknown wallet address. This transaction has sparked significant discussions within the global crypto community. In addition, a prominent whale address dumped 43.3 million XRP, worth $24.34 million, onto the exchanges Bitstamp and Bitso over the past day. Despite this substantial dump, Ripple’s XRP price surged roughly 6%.
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The launch of the Grayscale XRP trust and a recent probe into SEC Chair Gary Gansler have contributed to increased optimism for the future price movements of the Ripple-backed coin.
Price Action and Market Performance
During the past 24 hours, XRP’s price surged nearly 6%, defying the broader market trend, and is currently trading at $0.5699, with an intraday low and peak of $0.5355 and $0.5809, respectively. The 24-hour trading volume for the asset registered a significant 109% surge.
Simultaneously, Coinglass data indicated a 7% increase in XRP’s futures Open Interest (OI) to $642.02 million, with the derivatives volume soaring 327.22% to $2.93 billion. This surge in the derivatives market suggests heightened investor interest in XRP and, coupled with the price upswing, signifies an uptrend for the asset.
Overall, recent XRP news, including community developments and Ripple’s on-chain movements, has attracted significant attention from investors to the digital asset.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
