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XRP’s $380M Whale Activity – Here’s What It Means for the Altcoin’s Price!
A massive transfer of 150 million XRP, valued at over $380 million, has recently taken place between two unknown wallets. This whale activity has sparked significant curiosity across the crypto market.
XRP’s surge in NVT ratio hinted at a surge in whale activity, suggesting potential volatility
The recent rise in XRP’s Network Value to Transaction (NVT) ratio caught my attention, and it’s not hard to see why. A massive hike in the NVT ratio from 176 on March 7 to 1139.75 on March 8 is nothing short of extraordinary. As a result, this whale activity, coupled with an uptick in the NVT ratio, has hinted at heightened potential volatility.
Consolidation within a symmetrical triangle may be about to reach its climax
In addition to the NVT ratio’s surge, XRP’s price chart revealed that it has been consolidating within a symmetrical triangle pattern. This sort of consolidation is typically followed by a break in either direction, which could result in significant price movement.
Whales’ recent liquidation data highlights uncertainty around XRP’s future
The data provided by Coinglass reveals that long positions on Binance have seen $313,910 worth of liquidations, with traders betting on both positive and negative price movements. This is further evidence of the market’s uncertainty regarding XRP’s path forward.
Derivatives analysis suggests a temporary lull before potential movement
The derivatives data has shown a cooling-off trend across XRP’s market. Trading volume declined by 12.10%, while Open Interest fell by 2.31%. Moreover, Options Open Interest plummeted by an astonishing 88.94%. This suggests that market participants are less confident in the altcoin’s near-term price action.
Is XRP heading for a breakout or slump?
In conclusion, considering the ongoing whale activity, NVT ratio’s surge, and technical consolidation, XRP might be poised for a potential break out. However, the derivatives data’s cooling-off trend and neutral momentum on charts make it uncertain whether this break will be bullish or bearish.
I am Erastus Chami, a dedicated cryptocurrency journalist and financial analyst with over 4 years of experience in the blockchain and fintech sectors.
Source: https://ambcrypto.com/xrp-380m-whale-activity-heres-what-it-means-for-the-altcoins-price/
