XRP whales acquire 300M+ tokens as altcoin joins rally: What do they know? – AMBCrypto News

XRP surged 6% as whale buying progressed.
At the time of writing, market sentiment was geared towards greed.

For most of May, Ripple [XRP] The performance can best be described as underwhelming and struggling to exceed key support levels.

However, the past 24 hours have taken on a different picture thanks to overall market sentiment.

XRP is seeing an astounding 6% rally, suggesting a comeback is possible, but the real action is coming from the big movers in the XRP market: whales.

Are whales the trigger for price hikes?

Although XRP whales are typically among the most active in the entire market, their actions rarely move the token.

One transaction What caught my eye was a whopping 250 million XRP, worth over $135.7 million, sent from Coincheck to an unknown wallet.

An additional 33 million XRP (equivalent to $17 million) was generated. transferred Bitstamp, an exchange affiliated with Ripple. After that, he was awarded another 50 million coins (worth $27 million). sent From Ripple itself to an unknown wallet.

All of these transactions occurred on May 20th.

However, the timing of these whales’ activity did not cause the rise in XRP.

Bitcoin [BTC] Ethereum’s recent rally above the $70,000 mark [ETH] After crossing the $3,500 mark, the major cryptocurrency was injecting bullish sentiment across the board.

Cryptocurrency markets often mirror the performance of Bitcoin and Ethereum. The question now is whether XRP’s rise is a temporary dip or the beginning of a sustained rally.

XRP fear and greed index At the time of writing, Greed is at 63%, which is strong bullish sentiment.

What you can expect from XRP

coin glass data It shows that the trading volume of XRP has surged by 113.84%. The outstanding balance increased by 12.64% to $646.3 million, indicating that traders are gearing up for an upside move.

This data suggests growing bullish sentiment among traders, especially Binance’s top traders, which could indicate a positive outlook for XRP price in the short term.

Source: Coinglass

The XRP/USDT chart shows that XRP has experienced notable volatility over the last month, with the range being mainly between $0.48 and $0.56.

Recently, XRP has seen a notable rally, reaching a peak near $0.5436, near the upper end of this range.

Source: TradingView

The price movement showed strong buying interest near the lower end of this range and consistently recovered after falling below $0.50.

If XRP sustains above $0.55 in the future, it could challenge the resistance at $0.60. A successful break above this could send the coin as high as $0.80.