XRP Price & Open Interest Jump as Whales Scoop 70M Coins in a Week

XRP Price & Open Interest Jump as Whales Scoop 70M Coins in a Week — Source: CoinGape

• Whales have accumulated 70 million XRP in a week amid recent dips.
• XRP price jumps amid whale accumulation and macro tailwinds.
• XRP futures open interest has also jumped to $2.50 billion.

Whales have accumulated millions in XRP amid renewed strength in a volatile crypto market as US inflation cools. The massive whale accumulation sent XRP price higher, alongside a notable surge in futures open interest.

Whales Buy Millions in XRP amid Recent Dips

Whales have scooped up 70 million XRP in a week, according to Santiment data shared by crypto analyst Ali Martinez on July 16. This signaled renewed positive sentiment among whales despite the uncertainty surrounding the US-Iran war escalation.

The latest XRP whale accumulations came amid positive sentiment around cooling CPI and PPI inflation in the US. This adds to a gradual increase in positive sentiment as whale wallets holding 1 to 10 million increased their positions.

As CoinGape reported earlier, Santiment revealed XRP is recording the most FOMO. It sees 3.02 bullish comments for every single bearish comment.

Meanwhile, Binance’s XRP reserves have dropped to 2.61 billion. This marked the lowest reserves since February, according to CryptoQuant data. Binance has also announced an $800,000 XRP airdrop to boost RLUSD stablecoin adoption.

XRP Reserves on Binance. Source: CryptoQuant

XRP Price and Futures Open Interest Surge

XRP price is trading around $1.12 after rebounding more than 5% over the past few days. This marks a modest recovery from recent lows near $1.05 to a 24-hour high of $1.13. However, trading volume has dropped by more than 15% amid market uncertainty.

A break above $1.15 could allow a further climb toward the $1.20 target, as per the latest XRP price prediction. Nevertheless, the next rejection at around $1.12 might postpone the bullish continuation and prolong the consolidation.

XRP futures open interest has jumped in tandem with the price action. Open interest across major crypto exchanges is around $2.50 billion, with a 0.26% increase over the last 4 hours.

Moreover, XRP futures open interest climbed 2.65% over the last 24 hours, with a 0.74% jump on CME and 0.28% on Binance. The increases reflect fresh capital entering derivatives markets.

For retail and derivatives traders looking to capitalize on this volatility, executing transactions on the leading crypto trading platforms with the lowest fees can significantly preserve capital.

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XRP Price & Open Interest Jump as Whales Scoop 70M Coins in a Week originally appeared on CoinGape