The post XRP Whale Dumps 26 Mln Tokens Despite XRP ETF Buzz, What’s Next? appeared on BitcoinEthereumNews.com.

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. A Closer Look Into Today’s Whale Transaction According to the data revealed by Whale Alert, an unknown wallet, …Rzn, was noted to be making the afore-stated transfer to Bitstamp, a Luxembourg City-based CEX. 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…

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Filed under: News - @ February 21, 2024 1:12 pm