- A trading platform has removed 18 million tokens worth XRP.
- The price has recovered, with a rise of over 5% within the last 48-hours.
Following a noticeable decline, XRP attempted to recover. During this phase of recovery, a large volume was seen as XRP Moved away from an exchange. Has the confidence of traders declined?
Volume of XRP drops as wallets make moves
On the 6th March. Whale Alert The data shows that over 18,7 million dollars has been transferred. XRP Tokens were sent from Binance to a wallet that was unknown. At the time this article was written, the transfer amounted to over $11.2million.
Exchanges will often make such transfers to indicate that they have accumulated and believe in a potential price increase. This transfer was made as XRP tried to recover from its decline in the previous trading day.
A chart of volume also showed a large increase on the 6th March with a volume exceeding $4.6 billion. This was a drop from the $5 billion that had been recorded on the 5th of March.
Trading activity has slowed down at this time, and the volume is now around $2.8 billion.
XRP tries to recover
The Examining of the XRP The price trend indicated that despite earnest efforts to recover, it only managed a 3.40% gain, trading at around $0.61 on the 6th of March. The price of the coin dropped from approximately $0.64 down to $0.59, following a drop of more than 8% during the previous trading day.
As of the moment of writing, it was trading for around $0.62. This represents an increase over 2%. XRP’s recovery is continuing, but it hasn’t fully recovered the losses incurred in March.
Moreover, the Relative Strength Index is recovering along with the price. The RSI, at the time of writing, was close to 60. With further price increases, it could exceed that level.
How much is 1,10,100 XRPs worth Today,
Open Interest remains at $800 Million
Recent analyses of XRP’s open interest on Coinglass Cash poured in. Despite a price decline on 5th March, the open interest chart revealed an increase to approximately $922 million.
The price began to recover the next day and the open interest dropped to $851 million. Open interest is now down to approximately $791 millions, indicating that market sentiments and investment activity are changing.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com