Whale Transfers 24 Million XRP Tokens Worth $14.88 Million
A recent transfer of 24 million XRP tokens worth $14.88 million has been recorded between an unknown wallet and the crypto exchange Bitstamp. The transaction was made with a low gas fee of 0.000015 XRP.
XRP Whale Accumulation and Price Action
This is the second occurrence of a whale transferring a large amount of XRP tokens to Bitstamp in the last 24 hours. This has led to speculation among XRP holders about whether these whales are manipulating the price of XRP. The recent rally that took XRP above $0.60 was triggered by the crypto bull market and optimism, but it didn’t last long due to lack of institutional interest and increased liquidation.
Despite the price slump, the number of XRP holders continues to increase, indicating ongoing investor interest.
XRP Price Slumps 2%
After a 3% gain on the previous day, XRP struggled to maintain its positive momentum and experienced a 2% slump on Tuesday. The coin is now targeting institutional investors, seen as crucial for the upcoming bull run. However, recent data shows that Solana is dominating in terms of institutional inflows, with XRP falling behind.
The divergence of institutional investors from XRP to other altcoins is one of the main reasons why XRP is struggling to maintain its $0.60 resistance level. Currently, XRP is trading at $0.620908, with a 1.93% decrease in the last 24 hours and a 2.99% increase in the last seven days.
Hot Take: XRP Faces Challenges Amidst Institutional Divergence
XRP is facing challenges as institutional investors show more interest in other altcoins like Solana. Despite the recent rally and increasing number of holders, XRP’s price has slumped and struggles to maintain its resistance level. The future of XRP will depend on its ability to attract institutional investors and regain market momentum.
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