XRP Whale Transaction Sparks Speculation
A significant transaction involving 28.9 million XRP, worth $14.70 million, has caught the attention of the crypto market. The transfer took place on February 7, with the funds being moved to Bitstamp. At the same time, the price of XRP traded in the red, reflecting the whale’s offloading activity.
Examining XRP On-Chain Metrics
The sell-off by this XRP whale has had an impact on the broader crypto market. The sudden increase in supply aligns with data from XRP’s options trading, indicating a downtrend. Open interest has seen a 1.95% jump, increasing liquidity for XRP. However, options volume has declined by 46.56%, reflecting bearish sentiment.
Price Drop and Market Dynamics
The XRP price has fallen by 0.78% in the past 24 hours and is currently trading at $0.5036. Weekly and monthly charts show drops of 1.22% and 11.19% respectively. Crypto analyst Cryptoes suggests that a daily falling wedge pattern is forming, indicating a potential shift in price action.
Ripple Lawsuit Update
In recent news, the U.S. SEC seems to have gained an advantage in the Ripple lawsuit. Ripple has responded by moving 120 million XRP to an undisclosed wallet.
Hot Take: XRP Faces Selling Pressure Amidst Whale Activity
A significant whale transaction involving millions of XRP tokens has created speculation in the crypto market. This activity has influenced XRP’s price negatively, leading to a drop in value. On-chain metrics such as open interest and options volume further indicate a downtrend for XRP. Additionally, the ongoing Ripple lawsuit has added to the selling pressure on XRP. As the situation unfolds, traders and investors should closely monitor these developments for potential market shifts.
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