The nearly 925 million XRP in circulation in the past 24 hours has generated a lot of interest.
XRP price dropped significantly today.
On-chain data and market dynamics further cast a layer of mystery on the token.
In a fascinating turn of events, the Ripple Labs-backed cryptocurrency XRP kicked off a wave of speculation among cryptocurrency market traders and investors on April 2, as whales and Ripple moved large amounts of it over the past 24 hours. Token. This phenomenon has quickly gained huge traction within the broader cryptocurrency market, as XRP is showing a significant downward trend today, with its price trading below the $0.60 mark at press time.
Notably, insights revealed by blockchain tracker Whale Alert show that nearly 925 million XRP are in circulation. Meanwhile, XRP’s on-chain data and market dynamics have also triggered a storm of speculation around the token’s future price action.
925 million XRP in circulation: The impact of whales and custodial locks
According to data disclosed by blockchain tracking platform Whale Alert, four notable transactions together resulted in the transfer of nearly 925 million tokens. Two of the transactions showed XRP being locked in Ripple escrow, while the remaining two transactions showed on-chain whale transfers.
Interestingly, Ripple has locked up 800 million XRP, worth $487.56 million, across several transactions. And the famous XRP whale dumped 24.7 million coins to Luxembourg City-based CEX Bitstamp. Subsequently, an additional 100 million tokens were transferred between unknown wallets, although these transactions collectively reflected the transfer of approximately 925 million XRP tokens.
Meanwhile, a sense of frenzy is reverberating across the cryptocurrency space as XRP trades show clear losses, coinciding with the aforementioned transfers. While XRP’s supply took a hit due to the aforementioned escrow lock, the coin’s chart showed a sharp drop that attracted considerable attention.
XRP price plummets
As of the time of writing, the price of the XRP token has fallen by 4.62% in the past 24 hours and is currently trading at $0.599. Its fall below the $0.60 mark kept investors wary as market dynamics further fueled speculation about future moves.
Although the token’s technical indicators show a widespread selling sentiment within the market, the RSI hovers around 45, indicating a neutral sentiment. This means that market sentiments may be diverging, adding to the token’s mysterious status in the market.
On the other hand, the coin’s open interest surged by 3.02%, according to Coinglass data, which was accompanied by a staggering 316.24% increase in derivatives trading volume, indicating growing trader interest and booming activity, which may drive Prices move in either direction.
Overall, this indicates that XRP market sentiment is highly volatile, with cryptocurrency market enthusiasts expecting bulls or bears to win the coin soon. Meanwhile, a prominent cryptocurrency market analyst by the name Cryptoes has further emphasized the importance of XRP sustaining the key $0.60 level. Even though the coin fell below the previously mentioned important levels, as discussed above, crypto market enthusiasts are eagerly awaiting what’s to come.
