Token

Rally

when

<ul> 
 <li>During this recent downturn, rapidly increasing whale activity recorded by a blockchain tracker in the last 24 hours seems to be gaining significant momentum across the broader crypto market.</li> 
 <li>A transfer to Bitstamp contained 21.1 million XRP worth $14.42 million, while a transfer to Bitso included 16.4 million XRP worth $11.21 million.</li> 
 <li>At the time of writing, XRP’s price has dropped by 2.47% in the last 24 hours and is currently trading at $0.687.</li> 
</ul> 
<p><strong>Ripple’s XRP token has drawn attention by remaining stagnant amid the bullish rally in the crypto market; Why isn’t the price rising?</strong></p> 
<h2 id="strong-stagnation-in-ripple-s-xrp-token-price-amid-rally-strong"><strong>Stagnation in Ripple’s XRP Token Price Amid Rally</strong></h2> 
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-127228" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ripple-XRP-7.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Ripple-XRP" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ripple-XRP-7.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ripple-XRP-7.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ripple-XRP-7.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ripple-XRP-7.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ripple-XRP-7.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ripple-XRP-7.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ripple-XRP-7.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>Today, on March 14th, XRP, a cryptocurrency supported by Ripple Labs, triggered a broad wave of speculation among crypto market traders and investors when its price dropped below $0.69 after a notable increase exhibited in the past few days. During this recent downturn, rapidly increasing whale activity recorded by a blockchain tracker in the last 24 hours seems to be gaining significant momentum across the broader crypto market.</p> 
<p>According to data disclosed by Whale Alert, the surprisingly mobile 177.5 million XRP illustrates downward trends in the market dynamics of the Ripple-backed token today, leading to a series of striking outcomes. According to Whale Alert’s data, three major transactions involved massive transfers from Ripple to two Centralized Exchanges (CEXs) and an accumulation of a substantial amount of XRP from Ripple to an unknown wallet.</p> 
<p>In the first transaction, $95 million worth of 140 million XRP accumulated by Ripple from the address rP4X2hTa7A…7XZ63sKxv3 was shown. The other two transactions showcased significant transfers from a well-known XRP whale to two CEXs named Bitstamp and Bitso. The transfer to Bitstamp contained 21.1 million XRP worth $14.42 million, while the transfer to Bitso included 16.4 million XRP worth $11.21 million.</p> 
<p>Following the emergence of these transactions, a mixed sentiment prevailed among whales in the market as the mentioned transactions displayed both accumulations and dumps. However, XRP traded in the red today, indicating a downward trend as derivative data significantly dropped.</p> 
<h2 id="strong-xrp-experienced-a-decline-strong"><strong>XRP Experienced a Decline</strong></h2> 
<p>At the time of writing, XRP’s price has dropped by 2.47% in the last 24 hours and is currently trading at $0.687. Accompanied by a 2.47% market value decrease and a 34.05% drop in 24-hour trading volume, XRP presented a non-bullish landscape today.</p> 
<p>This non-bullish landscape was further supported by a 0.85% decrease in open positions and a 52.32% volume decrease, according to data from Coinglass. Traders expect more bullish movements in the future as investors close their positions. However, it is critical for the token to close above $0.68, which is the daily support, for further upside.</p> 
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<p>The post <a rel="nofollow" href="https://en.coinotag.com/why-isnt-xrp-price-gaining-sufficient-bullish-momentum/">Why Isn’t XRP Price Gaining Sufficient Bullish Momentum?</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>

Why Isn’t XRP Price Gaining Sufficient Bullish Momentum?

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