XRP Whale Moves 18M Tokens Amid Price Recovery Hopes
The Essentials in Brief
An XRP whale has moved over 18 million tokens as the price attempts a recovery. Despite the recent decline in open interest, XRP traders continue to bet on a future price increase of the asset.
Over 18 Million XRP Tokens Exchanged
On March 6, data from Whale Alert showed the transfer of over 18.7 million XRP tokens from Binance to an unknown wallet. The transfer had a corresponding value of over $11.2 million at the time of writing this article. Such transfers from exchanges usually indicate accumulation and belief in the potential for a higher price from the current level.
XRP Price Tries Recovery
A review of the XRP price trend showed that despite serious recovery efforts, it only recorded an increase of 3.40% and was traded at about $0.61 on March 6. This followed a decline of over 8% in the previous trading session, which dropped its price from about $0.64 to $0.59. At the time of writing this article, it was traded at about $0.62, reflecting an increase of over 2%.
Open Interest Remains Close to $800 Million
A recent analysis of XRP’s open interest on Coinglass showed a cash inflow. Despite a price drop on March 5, the open interest chart showed an increase to about $922 million. However, on the following day it fell to around $851 million as the price began to rise. At the time of writing this article, the open interest has further dropped to about $791 million, indicating ongoing changes in market sentiment and investment activity.
Our Assessment
The recent movements of XRP whales could be a sign of traders’ confidence in the future price development of the asset. Despite the recent price drop, it seems that traders continue to bet on a recovery. It remains to be seen how the XRP price will develop in the coming days.
Sources: Santiment, Trading View, Coinglass, AMBCrypto Team, Adewale Olarinde, Ann Maria Shibu.
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $1.11 |
| 24h % | -1.24 % |
| 7d % | 56.58 % |
| 30d % | 108.42 % |
| 60d % | 88.08 % |
| 1y % | 81.34 % |
| Official Links | Website |
| Socials | X |
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