Rippleโs Massive XRP Transfer Sparks Speculation in Crypto Market
The world of cryptocurrencies was once again taken by storm today as Rippleโs extended deadline for remedies-related discovery finally neared. Amid the speculative buzz witnessed orbiting Rippleโs legal chronicle vs the U.S. SEC, Ripple, the fintech company behind one of the most popular cryptocurrencies, XRP, transferred colossal amounts of tokens to an unknown wallet, garnering noteworthy attention across the crypto realm.
Meanwhile, XRP traded primarily in the green today, fueling further speculations over its price action ahead. As of writing, XRPโs price traded near the $0.56 mark, with derivatives data signaling an uptrend for the token.
A Closer Look Into The Report
According to data revealed by the blockchain tracker Whale Alert, a whopping 60 million XRP, worth $34.08 million, on the move caught the eyes of crypto market enthusiasts today, February 20. These tokens were shifted via Ripple to an unknown wallet. This colossal transfer soon piqued the interest of crypto market traders and investors as it could potentially signal future price changes for XRP. As Rippleโs deadline for remedies-related discovery looms today, this transfer gained additional traction.
In the interim, derivatives data for the Ripple-backed token signaled an uptrend, following a jump jotted in the tokenโs open interest and volume. The open interest surged 2.54%, reaching $703.64 million, whereas the volume bumped 87.26%, reaching $1.51 billion. This seems to have birthed a tidal wave of speculations over XRPโs run ahead, hinting at an uptrend when aligned with price.
XRP Price Jumps
As of writing, the XRP price noted a pump of 0.68% over the past 24 hours and is currently trading at $0.5644. The token traded primarily in green today, although it recorded a slight dip and traded briefly in red. Prominent analysts retained their bullish stance on XRP, as seen in their recent posts on the social media platform X. Crypto market enthusiasts continue to extensively eye XRP as Rippleโs financial statements submission could bring about a paradigm shift in XRPโs price action.
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