XRP, a prominent cryptocurrency backed by Ripple Labs, birthed a hurricane of speculations across the broader crypto market on Monday, following a significant whale transaction and Ripple’s shifting of colossal amounts of XRP jotted within the global crypto realm. Blockchain metrics unveiled by the tracker Whale Alert illustrated a staggering 207.3 million XRP on the go, piqued the eyes of crypto market traders and investors worldwide. Among these transfers, Ripple appears to be a part of the lion’s share in the total amount shifted today, whereas an XRP whale also shifted noteworthy amounts of the token to a CEX.

Meanwhile, a renowned crypto market analyst further shed light on the Ripple-backed token’s current market dynamics. Notably, XRP traded primarily in the red as of press time, aligning with the whale’s selloff to a CEX, as mentioned above.

A Closer Look Into Today’s XRP Transactions

According to the data revealed by Whale Alert, three substantial transactions collectively aided in the enormous transfer of 207.3 million XRP today, February 12. Concerning this, an unknown wallet address, …Rzn, moved 27.3 million XRP, worth $14.44 million, to Bitstamp, a Luxembourg City-based CEX. Whereas Ripple, the company behind XRP, reshuffled 180 million XRP, worth $ 94.63 million, between unidentified wallets via two transactions.

The first transaction showcased the shuffling of 80 million XRP to an unknown wallet, whilst, the other illustrated the moving of 100 million XRP from an unknown wallet to Ripple.

In the interim, mirroring XRP’s price fall today, derivatives data for the Ripple-backed token portrayed a drop in the open interest. According to the data offered by Coinglass, the open interest dropped by 1.35%, reaching $605.93 million as of press time. This drop further aligned with XRP’s price fall today, birthing additional inferences for the token.

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XRP Price Falls

As of writing, the XRP price chart showcased a notable downfall of 1.91% in the past 24 hours and is currently trading at $0.5183. This appears to coincide with the whale’s considerable offloading of XRP to Bitstamp today.

However, an eminent crypto market analyst, Dark Defender, recently propelled bullish thoughts on the token, predicting it to reach $1.88 as per a report by CoinGape Media. Following his claims supporting XRP to hit $1.88, the analyst again shared key insights orbiting a potential bull run for the Ripple-backed token.

According to Dark Defender, XRP consecutively closed three candles above the $0.5286 mark in a four-hour time frame. This potentially paves the way for future gains and XRP’s wave three targets of $1.88 and $5.85, contrasting with sentiments of a bearish run to dive below $0.5.

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The post Ripple Moves 180 Mln XRP Igniting Curiosity, Price Dip Below $0.5? appeared first on CoinGape.

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