The XRP price remains shrouded in uncertainty as whales continue to shuffle nearly 118 million coins between centralized exchanges and wallets, highlighting accumulations and dumps in tandem.

Whale Activity Highlights Uncertainty

According to Whale Alert's data, 118.32 million XRP was collectively shuffled by whales over the past day. This includes 54.99 million XRP in accumulations and 63.33 million XRP dumped to exchanges. Notably, one whale, rarG6FaeYh, has been accumulating XRP amid its recent price dip, while another whale, …Rzn, has been offloading the same.

XRP Price Movement

The XRP price has experienced a 1.43% downfall in the past 24 hours and is currently trading at $0.4806. The token's 24-hour bottoms and tops were evaluated as $0.476 and $0.489, respectively. XRP's weekly charts showcase signs of a correction, with an 8.39% dip at press time.

Market Sentiments

Coinglass data illustrated a 2.16% jump in XRP's Futures OI to $529.10 million. However, the derivatives volume saw a 29% dip to $839.58 million, underscoring reduced market activity but increasing investor interest in the asset. This has weighed in on mixed market sentiments.

Technical Analysis

The RSI surfaced in a bearish territory, resting near 36. This could potentially pave the path for a price rebound if the token enters an oversold territory, although downside pressure currently engulfs the Ripple-backed token.

Future Outlook

Looking at the weekly macro-chart, the Ripple-backed asset illustrates a bullish path being on an uptrend, analysis by CoinGape Media spotlighted. Constant buying pressure on the asset might pave the way for reclaiming the $0.55 level ahead.