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Massive 23 Million XRP Accumulation Spotted On-Chain

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Mon, 29/04/2024 - 9:58
Massive 23 Million XRP Accumulation Spotted On-Chain
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With the crypto ecosystem still recording an intense slump across the board, different digital currencies, including XRP, are eyeing any form of bullish trend they can catch a glimpse of. As recorded by crypto analytics platform Whale Alert, a whale has just acquired a massive 23,037,429 XRP, reigniting what might be considered a promising push.

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Per the insights recorded, the whale transferred this sum from a Binance exchange wallet. The token’s destination remains unknown; however, the wallet was activated by a Binance user. Such token transfers are indicative of revived investor sentiment - one that might stir a bout of related accumulations across the board.

The whale buy-up is indicative of a brooding trend shift, considering that the XRP Open Interest (OI) over the past 24 hours has slipped by 2.12%. According to data from Coinalyze, XRP Open Interest has topped $380.7 million, with Perpetual Contracts taking the spotlight with $374.5 million.

This figure shows a slight slump, a metric that might see an ultimate reversal with slight reaccumulation resurfacing on-chain. The recipient address for the 23 million XRP coins is not a first-time buyer, and it currently maintains a balance of 32.113 million XRP, an indication that the transferred funds might be for safekeeping.

XRP price outlook

For the better part of the year, the XRP price has remained one of the most battered of the top 10. The yet-to-be-concluded Ripple v. SEC lawsuit has continued to weigh down the performance of XRP.

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While the remedies phase is hinting at a possible shift in the legal brawl, investors are generally awaiting the outcome of the negotiations before taking a position. At the time of writing, XRP is changing hands for $0.5011, down by 4.18% in the past 24 hours.

This price position is an extension of the weekly drawdown; however, a major rebound is imminent, especially with the wrapping up of the Ripple-SEC lawsuit.

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