Bitcoin

April

In a riveting turn of events, following a notable drop witnessed by XRP due to market corrections, the Ripple-backed token recently regained an upward momentum, piquing the interest of crypto market enthusiasts across the globe. Amid this considerable recovery showcased by the Ripple-backed token, massive selloffs by whales in the past 24 hours fueled investors’ speculation over a potential negative impact on the token’s price trajectory ahead. 
However, the upsurge noted by XRP today primarily surfs the tide of a strong market uptrend, per on-chain data hovering over the crypto horizon. With a staggering 82.67 million XRP dump to exchanges failing to pull the prices to a slump, XRP curated optimistic waves across the cryptocurrency landscape today, April 5. 
<h2 id="xrp-whales-selloff-a-deeper-dive">XRP Whales’ Selloff: A Deeper Dive</h2> 
According to the data unveiled by Whale Alert, a blockchain tracker, three noteworthy selloff transactions surfaced within the market over the past day, collectively aiding in the offloading of 82.67 million XRP. Among these transactions, two were noted to be done by a renowned XRP whale, …Rzn, whereas an unknown address,…UoP also shifted XRP to Bithumb. 
25.40 million XRP, worth $15.25 million, was dumped to Bitso, whereas 24.40 million XRP, worth $14.63 million, was shifted to Bitstamp. Both the aforestated transactions were noted to have been done by the address… Rzn. Besides, 32.87 million XRP, worth $19.25 million, was shifted by the address …UoP to Bithumb. 
Intriguingly, contrasting usual market sentiments of a slump in price with supply gains on exchanges, XRP continued to trade in the green. After showcasing remarkable resilience amid its recent slip to $0.56, the token’s price trajectory appears to be regaining momentum towards $0.6, per CoinMarketCap’s data. 
Also Read: <a href="https://coingape.com/ai-news-nyc-mayor-backs-ai-chatbot-despite-legal-misadvice/" target="_blank" rel="noopener">AI News: NYC Mayor Backs AI Chatbot Despite Legal Misadvice</a> 
<h2 id="xrp-price-jumps">XRP Price Jumps</h2> 
While writing, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener">XRP token’s price</a> noted gains of 3.86% in the past 24 hours and currently rests at $0.5848. Despite the substantial dump by whales, its surge in price curated substantial optimism among investors today. 
Meanwhile, <a rel="nofollow" href="https://www.coinglass.com/" target="_blank">Coinglass</a>‘ data illustrated a 7.92% surge in the token’s open interest, accompanied by a rise of 88.62% in derivatives volume. This hinted at a strong market uptrend for the token, with heightened trading activity and money inflow in the derivatives market. 
Collectively, market data painted a bullish outlook for the XRP token today. Moreover, a recent analysis by CoinGape media spotlights the remarkable resilience shown by the <a href="https://coingape.com/markets/xrp-price-market-sentiment-targets-1-milestone-amid-rigorous-regulatory-debates/" target="_blank" rel="noopener">Ripple-backed token</a>, further underscoring its potential to scale $1 ahead with the presence of bullish indicators, as seen today. Additionally, a tidal wave of optimism already surrounds <a href="https://coingape.com/xrp-price-top-analyst-predicts-xrp-bull-run-to-1/" target="_blank" rel="noopener">XRP’s potential $1 run in April</a>, as further affirmed by some of the leading crypto market analysts, CoinGape Media earlier reported. 
Nonetheless, crypto market enthusiasts continue to eye token extensively as the ongoing <a href="https://coingape.com/judge-torres-ruling-xrp-secondary-market-sales-challenged-sec-official/" target="_blank" rel="noopener">SEC vs. Ripple</a> lawsuit continues to take new turns, primarily attributing to the token’s sluggish performance witnessed within the broader crypto market. 
Also Read: <a href="https://coingape.com/bitcoin-options-market-volatility-declines-amidst-btc-price-pullback/" target="_blank" rel="noopener">Bitcoin Options Market: Volatility Declines Amidst BTC Price Pullback</a> 
The post <a href="https://coingape.com/xrp-price-sustains-recovery-despite-82-mln-selloff-by-whales-1-next/">XRP Price Sustains Recovery Despite 82 Mln Selloff By Whales, $1 Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price Sustains Recovery Despite 82 Mln Selloff By Whales, $1 Next?

Table of Contents

Coingape News Media

Other articles published on Apr 5, 2024

Economic Crisis Survival Guide for Cryptocurrencies – Which Ones Will Last?

Crypto Analyst Forecasts $200 for Litecoin, Cardano Net Inflows Soars, NuggetRush Listing on the Way

Next Cryptocurrency To Explode Friday, April 5 – LCX, Realio Network, Chiliz

Any Bitcoin Stocks Pay Dividends? Yeah, Here's a Back Door

Binance strengthens KYC Standards, users’ accounts may restrict

Ethena Price Prediction: ENA Plunges 8% As Experts Say This 2.0 Meme Coin Might 100X Again

Join our free newsletter for daily crypto updates!