GameStop

Roaring Kitty

<img decoding="async" width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/02/xrp-prce-logo.jpg" class="attachment-full size-full wp-post-image" alt="XRP Price: Whales Move 80M Coins Post Massive Escrow Movements, What's Next?" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/xrp-prce-logo.jpg 1280w, https://coingape.com/wp-content/uploads/2024/02/xrp-prce-logo-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/02/xrp-prce-logo-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2024/02/xrp-prce-logo-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2024/02/xrp-prce-logo-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/02/xrp-prce-logo-150x84.jpg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
In a gripping turn of events, XRP, the Ripple Labs-backed cryptocurrency, has taken crypto investors by storm with massive whale movements post attention-nabbing escrow transactions and price volatility. On-chain data showcases that nearly 80 million coins were shuffled against the backdrop of billions of XRP escrow locks and unlocks recorded over the weekend.
This dramatic turn of events has sparked a flurry of speculation among crypto market participants about XRP’s future price trajectory, which is already shrouded in uncertainty due to the ongoing legal skirmish between <a href="https://coingape.com/ripple-vs-sec-is-xrp-prepared-for-unexpected-twist-ahead/" target="_blank" rel="noopener noreferrer nofollow">Ripple and the U.S. SEC</a>. Here’s a concise report on the whale activity and massive escrow transactions that unfolded over the weekend, further adding to the unpredictability of XRP’s future.
<h2 id="80m-xrp-shifted-by-whales-billions-shuffled-in-escrow">80M XRP Shifted by Whales, Billions Shuffled In Escrow</h2>
According to the data unveiled by Whale Alert, an on-chain transaction tracker, 80 million coins were shifted by XRP whales after 1 billion XRP was unlocked from escrow, and 800 million coins were locked in the same. Meanwhile, among the 80 million coins shuffled, one whale accumulated while the other offloaded XRP to exchanges. This has added a layer of intrigue to the Ripple-backed asset’s future price movements.
Simultaneously, data for the weekend shows that 1.2 billion coins were initially moved to Ripple. Moreover, 1 billion tokens were unlocked from escrow at unknown wallets while 800 million XRP was locked in escrow at <a href="https://coingape.com/ripple-labs-releases-1-billion-from-escrow-will-xrp-skyrocket/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a>. These transactions, collectively, have further shrouded XRP’s future price movements in a cloud of uncertainty.
Also Read: <a href="https://coingape.com/crypto-prices-today-june-3-bitcoin-eth-on-bumpy-ride-notcoin-soars-over-30/" target="_blank" rel="noopener noreferrer nofollow">Crypto Prices Today June 3: Bitcoin &amp; ETH On Bumpy Ride, Notcoin Soars Over 30%</a>
<h2 id="xrp-price-consolidates-what-s-next">XRP Price Consolidates, What’s Next?</h2>
As of writing, <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP’s price</a> stood at $0.5173, down 2.01% in the past 24 hours. The token’s 24-hour lows and highs are $0.5093 and $0.5194, underscoring an extremely tight trading session for the coin. Moreover, weekly charts show a sideways-moving price trajectory, keeping crypto market investors on their toes.
On the flip side, Coinglass data reveals a significant surge in XRP futures OI, jumping 2.30% to $630.56 million, followed by a remarkable 118.50% increase in the derivatives market volume to $597.14 million. This surge underscores the heightened trading activity in the derivatives market, accompanied by increased investor interest in the asset.
On the other hand, the RSI surfaced around 46, flagging broader neutrality with slight downside pressure on the asset. These mixed market technicals have set off a wave of speculations and uncertainty for XRP’s future.
Also Read: <a href="https://coingape.com/gamestop-jumps-300-as-roaring-kitty-takes-huge-gme-call-options/" target="_blank" rel="noopener noreferrer nofollow">GameStop Jumps 300% As Roaring Kitty Takes Huge GME Call Options</a>
The post <a href="https://coingape.com/xrp-price-whales-move-80m-coins-post-massive-escrow-movements-what-next/" rel="noopener noreferrer nofollow">XRP Price: Whales Move 80M Coins Post Massive Escrow Movements, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Price: Whales Move 80M Coins Post Massive Escrow Movements, What’s Next?

Table of Contents

Coingape News Media

Other articles published on Jun 3, 2024

Ethereum ICO Participants Transfers 9,518 ETH: Market Impact Ahead?

Bitcoin price prediction: Why a BTC rally might be delayed

Dubai Financial Authority Updates Crypto Token Rules

Wirex Pay Selects Gateway.fm to Power Upcoming Node Sale

OKX expands crypto exchange services to the Netherlands

WIN 5,000 USDC, JOIN THE MOONBAG COMMUNITY COMPETITION NOW!

Join our free newsletter for daily crypto updates!