Amidst recent turbulence in the cryptocurrency market, XRP, one of the significant altcoins by market capitalization, has garnered attention from investors. The altcoin, hovering around $0.5, has become a focal point for large investors known as whales who have initiated significant movements totaling approximately 87 million XRP in the past 24 hours. This whale activity has stirred speculation regarding the potential trajectory of XRP's price.

XRP Movements Among Whales

According to the blockchain transaction monitoring platform Whale Alert, a total of 86.68 million XRP were transferred between exchanges and unknown wallets in the previous 24 hours. This movement underscores notable accumulations and sales of XRP. Notably, two prominent whales made substantial XRP purchases from Binance despite the altcoin's recent price decline to around $0.5. In contrast, a leading XRP whale has consistently been unloading substantial quantities of tokens to the Luxembourg-based exchange Bitstamp.

The addresses rfQ9EcLkU6 and rarG6FaeYh acquired 30.40 million and 26.44 million XRP, amounting to $28.24 million in total acquisitions. Conversely, the XgwHh4Rzn address sold 29.88 million XRP valued at $14.83 million. These transactions have elicited diverse reactions across the cryptocurrency market, indicating both buying and selling pressures on the altcoin.

XRP Price Analysis

XRP's price chart has displayed mixed trading sessions, fluctuating between red and green zones, predominantly favoring negative trades. Presently, XRP's price has decreased by 2.19% over the past 24 hours, trading at $0.4865. The altcoin's price ranged between $0.4849 and $0.5053 in the last 24 hours, reflecting ongoing volatility.

Despite the price decline, XRP's open interest (OI) in futures has slightly risen by 0.27%, and derivative volume has surged by 238.44%. This surge implies a growing interest in the asset, marked by increasing market activity among investors. However, the Relative Strength Index (RSI) currently sits at 34.35, indicating a bearish momentum and confirming XRP's downward trend.

Going forward, additional buying pressure may potentially propel XRP to surpass the significant support level of $0.52. Conversely, an escalation in selling pressure could drive the altcoin further down a bearish path.