Whale Transfers 25 Million XRP Ahead of Crucial Ripple vs SEC Deadline, Ripple Price Forecasted to Drop Below $0.55?
In the world of cryptocurrencies, a major transaction involving XRP has caused quite a stir among crypto enthusiasts. The transaction, which was detected by Whale Alert, a blockchain tracker, has fueled a wave of speculation amidst the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). It has been reported that Judge Sarah Netburn has granted Ripple an extension in the deadline for submitting financial statements, adding to the hype surrounding the case. During this time, a large whale made a significant transfer of XRP, coinciding with a surge in the token’s price.
According to data in the crypto sphere, a staggering 25.10 million XRP was moved to a CEX based in Luxembourg City, indicating a substantial dump of tokens. Interestingly, despite this selloff, the price of XRP traded positively today, bucking the trend. Derivatives data for Ripple’s token also provided some interesting insights, generating further speculation about the future performance of the altcoin.
Whale Alert reveals that the XRP transfer, valued at $14.03 million, was executed on Monday, February 19, and the recipient was CEX Bitstamp, as previously mentioned. Interestingly, XRP experienced a significant drop just before this selloff, but quickly rebounded following the dump to Bitstamp. This unusual price action prompted crypto traders and investors to question the market sentiment, as it contradicted the common belief that a price drop accompanies an increase in supply. Additionally, CoinMarketCap data shows that XRP remained predominantly in the green, hovering just above the $0.56 mark at the time of writing.
Further analysis of the token’s derivatives data revealed a 3.22% rise in XRP’s open interest, hinting at a potential uptrend. However, data from Coinglass indicated a notable 23.17% decrease in the token’s volume, suggesting that the market may be entering a consolidation phase. When combined with the whale’s significant selloff, this could potentially signal a forthcoming price drop.
Looking at the XRP price chart, there has been a recent upward movement, with a 1.64% jump in the past 24 hours, bringing the price to $0.5614. The weekly and monthly charts also display positive momentum, with a 7.06% increase and a 1.86% upswing, respectively.
Notably, Cryptoes, a prominent crypto market analyst, highlighted the current dynamics of XRP, noting that the token has surpassed key resistance areas. However, the analyst emphasized that there is still much work to be done and cautioned against assuming a further price increase. In conjunction with the derivatives data and the whale’s selloff, this statement has sparked bearish sentiments among crypto traders and investors, suggesting that XRP may face a bearish turn below the $0.55 mark in the near future.