One of the top cryptocurrencies by market cap, XRP, has continued to garner investor speculation today, July 9. Against the backdrop of massive whale movements, as nearly 237 million coins was shuffled, the Ripple-backed crypto illustrated a highly turbulent price action.
This chronicle has curated a tidal wave of speculations surrounding XRP’s future price trajectory. In particular, market participants speculate over XRP’s potential to scale its much-awaited wave three target of $1, which currently seems a highly optimistic scenario despite legal developments in the Ripple vs. SEC lawsuit.
So, let’s take a closer look at the whale movements recorded over the past day and what it indicates for future price movements.
237M Coins Shuffled Igniting Uncertain Market Sentiments
According to the data offered by Whale Alert on X, 237.45 million XRP was shifted in the past 24 hours. These transactions consisted of whale dumps and accumulations hand.
Notably, the renowned XRP whale, …Rzn, dumped 35.35 million coins, worth $15.19 million to the Bitstamp crypto exchange. Meanwhile, the whale address rfQ9EcLkU6 once again bagged massive amounts of XRP, worth $22.71 million, from Binance.
Intriguingly, in the midst of these transactions, a whopping 150 million coins, worth $64.28 million, was recorded to have been transferred from Ripple to the unknown wallet address rP4X2hTa7A. This transaction added a layer of intrigue to XRP’s market dynamics, as the motive remains unclear.
Although the XRP community has assured Ripple’s transfers are not dumps, investors remain apprehensive about such massive on-chain movements. Subsequently, the crypto itself has showcased a highly volatile movement, consolidating within the red territory at press time.
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XRP Price Slips
The XRP price chart by CoinMarketCap showed a 1.33% dip in value today, trading at $0.4347. Its daily bottoms and tops were $0.422 and $0.4421, hinting at a tight trading session.
Coinglass data illustrated a downfall of 2% in XRP’s Futures OI to $447.30 million, further accompanied by a 15.57% dip in the derivative volume to $1.16 billion. This downtrend in the derivatives market could be aiding the current price volatility.
XRP’s RSI rested along 38, underscoring downside pressure, further rationalizing the turbulent movement. This data has painted an uncertain portrait of XRP’s future movements, let alone its wave three target of $1.
However, it’s worth mentioning that as BTC price rebounded today, XRP mimicked an upturn to the $0.43 level before showing signs of consolidation. A recent analysis by CoinGape Media shows that XRP is trending below the 21-day, 50-day, and 200-day simple moving averages (SMAs), validating recent sluggishness.
Nonetheless, additional selling momentum could drive the token into oversold territory, presenting a path for upward movement. Lastly, as July 31 looms, the Ripple lawsuit’s nearing conclusion adds a layer of speculation on XRP’s future movements.
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The post XRP Battles Turbulence Amid 237M XRP Whale Transfers, $1 Still Possible? appeared first on CoinGape.
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