XRP whale shifts over 18M tokens as price attempts recovery
Despite the recent decline in open interest, XRP traders are still betting on a future price rise of the asset.
- Over 18 million XRP tokens were taken off an exchange.
- Price has continued to recover, with over 5% in the last 48 hours.
Following a notable decline, XRP’s price attempted recovery. During this recovery phase, a substantial volume was observed as XRP moved away from an exchange. Are traders maintaining confidence despite the recent decline?
XRP volume drops as wallet makes moves
On 6th March, Whale Alert data 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 this writing.
Such transfers from exchanges typically indicate accumulation and a belief in the potential for a higher price from the current level. This transfer occurred as XRP attempted to recover from the decline witnessed in the previous trading session.
Additionally, an analysis of the volume chart highlighted a significant surge on 6th March, with the volume reaching over $4.6 billion. This marked a decrease from the over $5 billion recorded on 5th March.
However, trading activities have slowed at the time of this writing, with the volume dropping to around $2.8 billion.
XRP continues attempts at recovery
An examination of the XRP price trend showed that, despite earnest recovery efforts, it managed only a 3.40% increase, trading at approximately $0.61 on 6th March. This followed an over 8% decline in the preceding trading session, causing its price to drop from around $0.64 to $0.59.
At the time of this writing, it was trading at around $0.62, reflecting an increase of over 2%. While this signifies a continued effort towards recovery, XRP has not fully regained the losses incurred on 5th March.
Furthermore, the Relative Strength Index (RSI) is also recovering alongside the price. At the time of this writing, the RSI was nearing 60, potentially surpassing it with further price increases.
How much are 1,10,100 XRPs worth today
Open interest remains close to $800 million
A recent analysis of XRP’s open interest on Coinglass showed an influx of cash. Despite a price decline on 5th March, the open interest chart revealed an increase to approximately $922 million.
However, on the subsequent day, it decreased to around $851 million as the price started to recover. At the time of this writing, the open interest has further declined to around $791 million, suggesting ongoing changes in market sentiment and investment activity.
