Convergence

Flow

Shuffle

Despite a bearish trend in the <a href="https://coingape.com/markets/xrp-btc-price-prediction-xrp-price-tapping-10-could-be-fueled-by-xrp-etf/" rel="noopener noreferrer nofollow">XRP price</a> over the last 24 hours after bulls failed to breach the intra-day high of $0.5276, support at the intra-day low of $0.5276 managed to hold. This decline was accompanied by a surge in whale activity, as reported by the on-chain transaction tracker Whale Alert.&nbsp;
At press time, XRP was still in a negative trend, with prices exchanging hands at $0.5204, a 1.16% decline from the intra-day high. 
During this decline, <a href="https://coingape.com/xrp-upholds-0-52-price-level-whales-shift-218m-coins-what-next/" rel="noopener noreferrer nofollow">XRP’s</a> market capitalization fell by 1.11% to $28,869,150,197, while the 24-hour trading volume surged by 5.68% to $1,206,808,325. This trend suggests traders are taking advantage of the dip to accumulate more coins.
<img decoding="async" class="aligncenter wp-image-200965" src="https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011223.537.png" alt="" width="744" height="328" srcset="https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011223.537.png 973w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011223.537-300x132.png 300w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011223.537-768x339.png 768w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011223.537-150x66.png 150w" sizes="(max-width: 744px) 100vw, 744px">
Source: CoinMarketCap
<h2 id="whales-shift-318m-coins-amid-xrp-price-correction">Whales Shift 318M Coins Amid XRP Price Correction</h2>
As per a recent <a rel="noopener noreferrer nofollow" href="https://x.com/whale_alert/status/1798813375075684686">report</a>, significant XRP transactions were recorded, signalling considerable movement by cryptocurrency whales. An estimated 28,890,000 XRP, valued at approximately $15,025,812, was transferred from an unknown wallet to the cryptocurrency exchange Bitstamp. Shortly after, another substantial transfer involved 29,850,000 XRP, worth around $15,522,089, moving to the exchange Bitso.&nbsp;
Concurrently, the trading volume for XRP derivatives has decreased by 1.61%, totalling $646.70 million. This reduction indicates a slowdown in trading activity or a consolidation phase in the market. Moreover, the open interest, which represents the total number of outstanding derivative contracts that have not been settled, has also fallen by 1.65% to $651.56 million, indicating a decrease in market participants or a reduction in new positions being opened.
<img decoding="async" class="aligncenter wp-image-200966" src="https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011459.635.png" alt="" width="764" height="187" srcset="https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011459.635.png 1136w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011459.635-300x73.png 300w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011459.635-768x188.png 768w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-07T011459.635-150x37.png 150w" sizes="(max-width: 764px) 100vw, 764px">
Source: Coinglass
Amid this trend, options volume has decreased by 46.56% to $584.98, a notable drop that reflects a decrease in speculative activity or hedging strategies among traders.
Conversely, options open interest increased sharply by 15.02%, reaching $290.99K. This divergence between volume and open interest indicates that while fewer new options contracts are being traded, more positions are being held open, possibly as traders wait for a clearer signal in market direction.
<h2 id="xrp-usd-technical-analysis">XRP/USD Technical Analysis</h2>
On the <a href="https://coingape.com/xrp-news-80m-coins-transferred-as-price-tops-0-52-price-to-uphold-momentum/" rel="noopener noreferrer nofollow">XRPUSD</a> price chart, the Moving Average Convergence Divergence (MACD) trend south and below its signal line in the negative region with a rating of -0.0006 indicating a potential continuation of the bearish rally in the XRP price.
This trend and the histogram shift in the negative region back the adverse trend signalling increasing selling pressure.
<img decoding="async" class="aligncenter wp-image-200967" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-4.png" alt="" width="737" height="351" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-4.png 1752w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-4-300x143.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-4-1224x583.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-4-768x366.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-4-1536x732.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-4-150x71.png 150w" sizes="(max-width: 737px) 100vw, 737px">
Source: TradingView
Moreover, with the Chaikin Money Flow (CMF) also in the negative region, money is flowing out the market indicating that more distribution is happening than accumulation which is a sign of selling pressure. However, since the Money Flow Index (MFI) is nearing the oversold region with a rating of 29.56, a potential reversal may be looming if buying interest returns.
Read Also: <a href="https://coingape.com/crypto-scam-nyag-lock-horns-with-firms-with-1b-fraud-stint/#:~:text=Highlights,to%20its%20collapse%20in%202023." rel="noopener noreferrer nofollow">Crypto Scam: NYAG Lock Horns With Firms With $1B Fraud Stint</a>
The post <a href="https://coingape.com/xrp-price-whales-shuffle-318m-coins-as-price-holds-0-52-support/" rel="noopener noreferrer nofollow">XRP Price: Whales Shuffle 318M Coins as Price Holds $0.52 Support</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Price: Whales Shuffle 318M Coins as Price Holds $0.52 Support

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