Order

New Order

In a thrilling turn of events observed recently, the anticipation of a potential XRP ETF looming over the crypto horizon appears to have piqued the interest of crypto market enthusiasts globally. Amidst the flurry of hype witnessed around a potential XRP ETF, an XRP whale offloaded significant amounts of tokens to a centralized exchange. This birthed a torrent of speculative buzz within the broader crypto market, aligning with XRP’s price action. As per insights unveiled by the blockchain tracker Whale Alert, a staggering 26.1 million XRP whale transaction took place today, February 21. 
Meanwhile, XRP’s price traded in the red, aligning with the whale’s massive dump. Ususal market sentiments of a slump with an increase in supply further aid this downward momentum. The derivatives data also signaled a downtrend for the Ripple-backed token in the market, per Coinglass’ data. However, with Ripple’s CEO Brad Garlinghouse weighing in on a potential XRP ETF, chances of seeing bolstered prices persist. 
Concurrently, a renowned crypto market analyst, Cryptoes, further shed light on XRP’s current market dynamics. However, another analyst, XRP Whale, ushered in a sense of bullishness on the Ripple-backed token. 
<h2 id="a-closer-look-into-today-s-whale-transaction">A Closer Look Into Today’s Whale Transaction</h2> 
According to the <a rel="nofollow" href="https://whale-alert.io/transaction/ripple/3C49705256189083D9CDB327B67F1BC61E7C7446BF1DF680B4B78751D04CB465" target="_blank">data</a> revealed by Whale Alert, an unknown wallet, …Rzn, was noted to be making the afore-stated transfer to Bitstamp, a Luxembourg City-based <a href="https://coingape.com/glossary/centralized-cryptocurrency-exchanges-cex/" target="_blank" rel="noopener">CEX</a>. This massive transfer, worth $14.73 million, mirrored the bearish movement portrayed by XRP today. 
Moreover, the transfer of XRP to Bitstamp by this particular wallet comes as a recurring phenomenon following Ripple’s strategic stake acquisition in the mentioned CEX, birthing additional inferences for this transaction. 
Nonetheless, this colossal dump somewhat explains XRP’s movement below the $0.55 mark. The 3.41% drop in open interest further signals a downtrend, garnering bearish thoughts on the token. 
However, with Brad’s positive stance on a potential XRP ETF, stating such financial products to be beneficial as well as the future of markets, speculations over a price action shift prevail. 
Also Read: <a href="https://coingape.com/pro-xrp-lawyer-john-deaton-confirms-accepting-crypto-donations-for-senate-campaign/" target="_blank" rel="noopener">Pro-XRP Lawyer John Deaton Confirms Accepting Crypto Donations For Senate Campaign</a> 
<h2 id="xrp-price-drops">XRP Price Drops</h2> 
As of writing, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener">XRP price</a> jotted down a drop of 3.28% over the past 24 hours and is currently trading at $0.5471. The substantial surge of 19.14% in the token’s trading volume further stirs speculations over XRP’s increased selling pressure. 
However, XRP Whale remained bullish on the token, claiming it to be ready to reclaim the $0.60 mark. Cryptoes, on the other hand, stressed the Ripple-backed token’s constant bouncing back to $0.54. As per Cryptoes’ statement, the resistance of $0.578 must witness a daily candle above it to see higher prices. 
<a href="https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart.png"><img decoding="async" class="aligncenter wp-image-181693" src="https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart.png" alt="Cryptoes XRP chart" width="682" height="439" srcset="https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart.png 710w, https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart-300x193.png 300w, https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart-150x97.png 150w" sizes="(max-width: 682px) 100vw, 682px"></a> 
Also Read: <a href="https://coingape.com/us-doj-request-new-order-case-against-ex-binance-ceo-changpeng-cz-zhao/" target="_blank" rel="noopener">US DOJ Requests New Order In Case Against Ex-Binance CEO Changpeng ‘CZ’ Zhao</a> 
The post <a href="https://coingape.com/xrp-whale-dumps-26-mln-tokens-despite-xrp-etf-buzz-whats-next/">XRP Whale Dumps 26 Mln Tokens Despite XRP ETF Buzz, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Whale Dumps 26 Mln Tokens Despite XRP ETF Buzz, What’s Next?

Indice dei contenuti

Coingape News Media

Altri articoli pubblicati su 21 feb 2024

Ethereum Price Taps $3,000 As DeFi TVL Soars To $45B, Ushering In The Altseason?

Hack VC raises $150M to back crypto and AI startups

Avalanche (AVAX) Token Release Shakes Market Value

Bitcoin’s Erratic Trends Cast Doubt on Altcoin Markets

Facebook Live notices new competitor DeeStream (DST) as more Bitcoin (BTC) & Dogecoin (DOGE) hold...

BitMEX Co-Founder Arthur Hayes Slams Cardano as 'Dog Shit'

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!