Why Isn’t XRP Price Gaining Sufficient Bullish Momentum?

  • During this recent downturn, rapidly increasing whale activity recorded by a blockchain tracker in the last 24 hours seems to be gaining significant momentum across the broader crypto market.
  • A transfer to Bitstamp contained 21.1 million XRP worth $14.42 million, while a transfer to Bitso included 16.4 million XRP worth $11.21 million.
  • At the time of writing, XRP’s price has dropped by 2.47% in the last 24 hours and is currently trading at $0.687.

Ripple’s XRP token has drawn attention by remaining stagnant amid the bullish rally in the crypto market; Why isn’t the price rising?

Stagnation in Ripple’s XRP Token Price Amid Rally

Ripple-XRP

Today, on March 14th, XRP, a cryptocurrency supported by Ripple Labs, triggered a broad wave of speculation among crypto market traders and investors when its price dropped below $0.69 after a notable increase exhibited in the past few days. During this recent downturn, rapidly increasing whale activity recorded by a blockchain tracker in the last 24 hours seems to be gaining significant momentum across the broader crypto market.

According to data disclosed by Whale Alert, the surprisingly mobile 177.5 million XRP illustrates downward trends in the market dynamics of the Ripple-backed token today, leading to a series of striking outcomes. According to Whale Alert’s data, three major transactions involved massive transfers from Ripple to two Centralized Exchanges (CEXs) and an accumulation of a substantial amount of XRP from Ripple to an unknown wallet.

In the first transaction, $95 million worth of 140 million XRP accumulated by Ripple from the address rP4X2hTa7A…7XZ63sKxv3 was shown. The other two transactions showcased significant transfers from a well-known XRP whale to two CEXs named Bitstamp and Bitso. The transfer to Bitstamp contained 21.1 million XRP worth $14.42 million, while the transfer to Bitso included 16.4 million XRP worth $11.21 million.

Following the emergence of these transactions, a mixed sentiment prevailed among whales in the market as the mentioned transactions displayed both accumulations and dumps. However, XRP traded in the red today, indicating a downward trend as derivative data significantly dropped.

XRP Experienced a Decline

At the time of writing, XRP’s price has dropped by 2.47% in the last 24 hours and is currently trading at $0.687. Accompanied by a 2.47% market value decrease and a 34.05% drop in 24-hour trading volume, XRP presented a non-bullish landscape today.

This non-bullish landscape was further supported by a 0.85% decrease in open positions and a 52.32% volume decrease, according to data from Coinglass. Traders expect more bullish movements in the future as investors close their positions. However, it is critical for the token to close above $0.68, which is the daily support, for further upside.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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