Coingape Staff
In a riveting turn of events, following a notable drop witnessed by XRP due to market corrections, the Ripple-backed token recently regained an upward momentum, piquing the interest of crypto market enthusiasts across the globe. Amid this considerable recovery showcased by the Ripple-backed token, massive selloffs by whales in the past 24 hours fueled investors’ speculation over a potential negative impact on the token’s price trajectory ahead.
However, the upsurge noted by XRP today primarily surfs the tide of a strong market uptrend, per on-chain data hovering over the crypto horizon. With a staggering 82.67 million XRP dump to exchanges failing to pull the prices to a slump, XRP curated optimistic waves across the cryptocurrency landscape today, April 5.
XRP Whales’ Selloff: A Deeper Dive
According to the data unveiled by Whale Alert, a blockchain tracker, three noteworthy selloff transactions surfaced within the market over the past day, collectively aiding in the offloading of 82.67 million XRP. Among these transactions, two were noted to be done by a renowned XRP whale, …Rzn, whereas an unknown address,…UoP also shifted XRP to Bithumb.
25.40 million XRP, worth $15.25 million, was dumped to Bitso, whereas 24.40 million XRP, worth $14.63 million, was shifted to Bitstamp. Both the aforestated transactions were noted to have been done by the address… Rzn. Besides, 32.87 million XRP, worth $19.25 million, was shifted by the address …UoP to Bithumb.
Intriguingly, contrasting usual market sentiments of a slump in price with supply gains on exchanges, XRP continued to trade in the green. After showcasing remarkable resilience amid its recent slip to $0.56, the token’s price trajectory appears to be regaining momentum towards $0.6, per CoinMarketCap’s data.
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XRP Price Jumps
While writing, the XRP token’s price noted gains of 3.86% in the past 24 hours and currently rests at $0.5848. Despite the substantial dump by whales, its surge in price curated substantial optimism among investors today.
Meanwhile, Coinglass‘ data illustrated a 7.92% surge in the token’s open interest, accompanied by a rise of 88.62% in derivatives volume. This hinted at a strong market uptrend for the token, with heightened trading activity and money inflow in the derivatives market.
Collectively, market data painted a bullish outlook for XRP token today. Moreover, a recent analysis by CoinGape media spotlights the remarkable resilience shown by the Ripple-backed token, further underscoring its potential to scale $1 ahead with the presence of bullish indicators, as seen today. Additionally, a tidal wave of optimism already surrounds XRP’s potential $1 run in April, as further affirmed by some of the leading crypto market analysts, CoinGape Media earlier reported.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
