XRP Whale’s 47 Mln Selloff Sparks Speculations As Price Jumps Past $0.55

XRP, a Ripple-backed token that positions itself as one of the top 6 cryptocurrencies by global market cap, birthed a hurricane of speculative buzz today following the jotting down of two significant whale transfers within the broader crypto market. As per insights unveiled by the blockchain tracking platform Whale Alert, today’s whale transfers collectively showcased the relocation of nearly 47 million XRP to two different CEXs, nabbing noteworthy attention globally.

Meanwhile, XRP’s price action as of press time contrasted with the usual market sentiment of a price slump with significant dumps, portraying a noteworthy upward movement today. The derivatives data surfacing within the market further aligned with the price’s contrasting nature in comparison to the whale dump, signaling an uptrend for XRP.

Notably, the XRP price was already trading in the green at the time of the dump. However, even subsequent to the substantial transfer of coins to CEXs, XRP continued its pump, brushing aside bearish sentiments among crypto market enthusiasts.

A renowned crypto market analyst, Cryptoes, further propelled bullish thoughts on the Ripple-backed token, mirroring today’s surge. In a recent post shared on X, the analyst spotlighted XRP’s upward movement, stating “XRP to North.”

XRP Whale Activity: In-Depth Report

According to the data revealed by the blockchain tracker Whale Alert, a total of 47.4 million XRP was shifted to CEXs Bitstamp and Bitso today, February 15. Aligning with the data, the unknown wallet address, …Rzn, was noted to be making these transfers. Intriguingly, the same wallet address has previously been recorded, moving similar amounts of XRP to the CEXs mentioned above. These transfers appear to have gained significant traction as they emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in Bitstamp and Bitso.

In the interim, the derivatives data offered by Coinglass illustrated a substantial 5.71% upswing in XRP’s open interest, reaching $652.21 million. This data further showcased new money entering the market, signaling an uptrend when seen parallelly with today’s price upsurge.

Also Read: QCP Capital: New Bitcoin All-Time High Coming By March-End, Thanks to Bitcoin ETFs

XRP Price Soars

As of writing, the XRP price noted a significant 5.60% jump in the past 24 hours and is currently trading at $0.5543. The token’s sudden jump past the $0.55 mark has amassed considerable attention across the global crypto realm, as leading analysts recently showcased a bullish stance on XRP.

Meanwhile, the token’s 24-hour volume and market cap also surged remarkably, rising 44.49% and 5.59%, respectively.

Also Read: Debt Box Wants SEC’s Dismissal Request Denied: Report

The post XRP Whale’s 47 Mln Selloff Sparks Speculations As Price Jumps Past $0.55 appeared first on CoinGape.