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, experienced significant whale transfers in the crypto market. According to data from Whale Alert, nearly 47 million XRP were relocated to two different exchanges, attracting attention worldwide.
Surprisingly, XRP’s price did not slump after the whale dump. Instead, it displayed an upward movement, defying bearish sentiments. The derivatives data also indicated an uptrend for XRP.
A well-known crypto analyst, Cryptoes, supported this bullish sentiment and predicted further growth for XRP.
XRP Whale Activity: In-Depth Report
Whale Alert’s data revealed that a total of 47.4 million XRP was transferred to Bitstamp and Bitso exchanges on February 15. These transfers were made by an unknown wallet address that had previously been recorded making similar transfers to the same exchanges. This recurring phenomenon is believed to be related to Ripple’s stake acquisition in Bitstamp and Bitso.
In addition, Coinglass reported a 5.71% increase in XRP’s open interest, indicating new money entering the market and supporting the current price surge.
XRP Price Soars
The price of XRP has seen a significant 5.60% jump in the past 24 hours and is currently trading at $0.5543. This sudden increase above the $0.55 mark has attracted attention from analysts and has led to a surge in trading volume and market capitalization.
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