 transfer from OKX to an unknown wallet coincides with a 620% surge in active addresses and rising XRP price....){kind=link}
Key Insights:
- 95.25M XRP ($235M) moved from OKX to an unknown wallet.
- Active XRP addresses skyrocketed by 620% in one week.
- XRP price surged 5.53%, testing key resistance at $2.50.
A massive 95.25 million XRP worth $235 million was recently transferred from OKX to an unknown wallet, raising speculation among traders. At the same time, XRP’s active addresses surged by 620%, a sharp increase that could indicate growing market activity and potential price movement.
According to market analyst Ali, the number of active XRP addresses jumped from 74,589 on February 26 to 462,650 in March . This spike in network activity coincides with XRP’s 5.53% price increase, pushing the token toward a key resistance level at $2.50.
Whale Transfers and Network Growth
On-chain data shows that a large XRP transaction was executed from OKX to an unknown wallet. Whale movements of this size are often associated with institutional activity, accumulation, or internal exchange transfers.
At the same time, XRP’s network activity has reached new highs. Analyst Ali highlighted that active addresses surged by 620% in one week, suggesting a significant rise in transactions, new participants, or increased speculative trading.
Historically, a spike in active addresses has preceded major price moves. If this trend continues, XRP could see further price gains, especially if demand remains strong.
XRP Price Trends and Market Indicators
XRP has shown strong price movement, rising 5.53% in the past 24 hours to reach $2.47. Its market capitalization has increased to $143.71 billion, reflecting growing investor confidence in the asset. However, trading volume has dropped by 30.35%, which may indicate reduced short-term trading activity despite the price gains.
XRP OI on the other hand has grown by 2.66%, while most of the $1.5 billion OI is on perpetual contracts. This trend could indicate that traders are positioning themselves for potential price movements.
The Relative Strength Index (RSI) has currently been marked at 49.65 putting it in a neutral zone. Previously, the RSI peaked above 70, which signaled strong bullish momentum before pulling back. If the RSI moves above 50 then this may confirm renewed buying pressure and a potential bullish breakout.
On the other hand, the Cumulative Volume Delta (CVD) reveals a net positive number of 1.35 million, implying that there is more buying pressure than selling activity. More accumulation by traders is reflected by the fact that buy volume stands at 7.5 million while sell volume stands at 6.24 million.
Key Resistance and Support Levels
Ripples XRP has been oscillating between 2.34 and 2.50 with 2.50 being key resistance. If XRP breaches this resistance, analysts believe it would signal further gains. But, a failure to continue with the current momentum might take the price back to $2.34.
Nevertheless, DefendDark market analyst says that the XRP long term target is at $77.7 while its short term possibilities are at $5.85 and $18.22. Concurrently, he implied that the third wave of XRP could be headed towards $18, with a fourth wave correction taking the price further to $77.7.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.