- A new XRP whale emerges with a massive $56 million transfer in 104 million tokens.
- XRP trading volume sees 81% increase, with XRP price climbing to $0.5313 in 24 hours.
- Ripple’s Q3 report and new XRPL oracle update coincide with rising interest in XRP.
A significant movement of 104 million XRP tokens, valued at approximately $56 million, has brought a new XRP whale into the spotlight. Blockchain tracker Whale Alert identified the substantial transfer, revealing that the tokens were moved from an undisclosed wallet to a newly created wallet address.
The substantial transfer comes just after Ripple released its Q3 2024 XRP Markets Report, highlighting steady growth within the XRP ecosystem and broader crypto market. Ripple’s report indicates that XRP’s market participation has strengthened, coinciding with the recent activation of a significant update to the XRP Ledger (XRPL).
The XRPL’s new oracle pricing amendment went live recently, enabling real-time data feeds for the platform’s decentralized finance (DeFi) features, such as automated market makers (AMM) and lending protocols. This update aims to enhance XRPL’s functionality in supporting key DeFi mechanisms, potentially drawing more interest to XRP’s ecosystem.
Alongside these developments, XRP has experienced significant trading volume and price activity. Currently priced at $0.5313, XRP has risen by 4.10% in the past day. Its market capitalization has surged to $30.21 billion, reflecting a 4.09% increase, while the 24-hour trading volume has climbed dramatically by 81.61% to $2.03 billion.
Source: CoinMarketCap
This spike in volume suggests heightened interest in XRP trading, possibly fueled by Ripple’s market growth report and the newly implemented oracle pricing system on XRPL. The current price action hints at strong liquidity and active speculation, as evidenced by the Vol/Mkt Cap ratio of 6.70%.
On a broader scale, the XRP daily candlestick chart shows the token trading at $0.5319, reflecting a 3.44% gain. XRP’s price movements over recent months have been marked by volatility, fluctuating between $0.45 and $0.75.
Technical indicators such as the MACD and the RSI suggest a potential consolidation phase.
Source: TradingView
The MACD reflects a minor positive crossover, pointing to possible bullish momentum, while the RSI sits at 52.32, suggesting neutral market sentiment with a slight lean toward buying interest.
Data from the XRP Total Liquidations Chart adds further insight into recent trading patterns, illustrating both long and short liquidations alongside XRP’s price trend.
Source: Coinglass
Long liquidation spikes coincide with price dips, indicating forced closures for leveraged positions, while short liquidations increase during bullish trends. Recent liquidation levels have balanced out, reflecting cautious trading as XRP stabilizes around the $0.50 range.
This trend suggests that XRP’s recent market activity may see a consolidation phase as traders await further price movements.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
