In a thrilling turn of events, XRP, one of the top 6 cryptocurrencies by global market cap, birthed a cyclone of speculations across the broader crypto market today, following the jotting down of significant whale activity within the crypto realm. On-chain data hovering over the market pointed out that a whale recently offloaded a staggering 27.95 million XRP to a Luxembourg City-based CEX amid a substantial drop below $0.53 noted by the Ripple-backed token. Amidst the recent relief gained by Ripple against the U.S. SEC in a lawsuit, the price gradually gained an upward momentum, however dropped imminently.

This seems to have garnered noteworthy interest among crypto market enthusiasts globally, as top analysts worldwide recently portrayed a bullish stance on the XRP. However, with the whale’s significant offloading mirroring the fall in price further, additional inferences for XRP’s bearish run in the near future appear to be birthing.

Notably, XRP Whale, a renowned crypto market analyst, today claimed the token would pump hard over the next 48 hours, contrasting the usual market sentiment of a price dip with whale’s dump to exchanges. This remark by the analyst has sparked speculations further as derivatives data for the token also showcased a negative sentiment, with money leaving the futures market.

XRP Whale Activity: Diving Deep

According to the data unveiled by the blockchain tracking platform Whale Alert, a staggering 27.95 million XRP, worth $14.74 million, on the move nabbed significant attention globally. Per the data, the unknown wallet address r4wf7enWPx…5XgwHh4Rzn was observed transferring the aforestated amount to the mentioned CEX today, February 14.

Although the token already noted a drop below the $0.53 mark when the whale offloaded this massive amount, the downward momentum for XRP continued following the selloff, curating bearish sentiments for the token.

Meanwhile, the derivatives data offered by Coinglass illustrated a 2.44% dip in the token’s open interest, reaching $617.41, additionally mirroring bearish thoughts on the XRP.

Simultaneously, the XRP price witnessed a substantial drop today, soon after its jump past the $0.53 mark. This fall reflects the whale’s significant selloff and the drop noted in open interest, contrasting XRP’s potential run to the wave three targets of $1.88.

Also Read: Crypto Prices Today: Bitcoin Sustains 49K, PEPE & XRP Dip As PYTH Rallies 15%

XRP Price Dips

As of writing, the XRP price noted a drop of 0.99% over the past 24 hours and is currently trading at $0.525. This drop comes after the price recently surged past the $0.53 mark, which sparked immense curiosity among traders and investors.

With top analysts predicting the token’s bull run ahead, today’s selloff, derivatives data, and price slump come contrastingly. However, XRP whale’s proclamation of XRP to pump hard emerged amid the token’s price slump, propelling curiosity globally.

Also Read: Bitcoin (BTC) Price Holds Firm In Face of Global Market Slump, What’s Next?

The post XRP Whale Offloads 28 Mln Coins As Price Dips Below $0.53, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am