Coingape Staff
In a thrilling turn of events, XRP, a cryptocurrency backed by Ripple Labs, birthed a torrent of speculative buzz across the broader crypto market on Tuesday, February 20, following the surfacing of significant whale activity across the crypto horizon. Intriguingly, this whale transaction, showcasing the transfer of nearly 26 million tokens, gained additional traction among crypto market enthusiasts as Ripple’s extended deadline for remedies-related discovery from February 12 to February 20 neared.
Meanwhile, Ripple’s token traded primarily in the green today, although it dipped briefly, per CoinMarketCap’s data. This comes in contrast to the whale’s massive dump to a Luxembourg city-based CEX, varying from usual market sentiments of a dip in price with the rise in supply. The derivatives data for the token further signaled an uptrend within the market, birthing additional inferences for XRP.
XRP Whale Continues Dumping Amid U.S. SEC vs Ripple Legal Crosshair
Intriguingly, an XRP whale, going by the address …Rzn, appears to have offloaded significant amounts of XRP to CEXs over the past few days. The whale’s dumping chronicle steadily increased following Judge Netburn’s order on Ripple’s motion to extend the abovementioned deadline. This seems to have piqued the interest of crypto market traders and investors worldwide.
According to the data revealed by the blockchain tracking platform Whale Alert, the aforestated wallet address shifted 25.90 million XRP, worth $14.56 million, to Bitstamp, a centralized exchange. This XRP whale’s transfer to Bitstamp emerged as a recurring phenomenon within the crypto realm ever since Ripple’s strategic stake acquisition in the mentioned CEX. However, today’s massive dump has failed to push the token’s price down, nabbing significant attention across the market.
The derivatives data offered by Coinglass further showcased an uptrend when aligned with today’s price jump, as XRP’s open interest and volume noted an uptick of 3.89% and 74.39%, respectively.
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XRP Price Springs
As of writing, the XRP price noted a pump of 2.04% over the past 24 hours and is currently trading at $0.5718. The token’s market cap stated a 2.02% jump, further bolstering the token’s positioning as the 6th largest cryptocurrency by market cap. With a weekly surge of 8.08%, the token fluctuated within a bullish week. In the interim, prominent XRP analyst XRP Whale remained bullish on the Ripple-backed token, as seen in numerous posts on X today, February 20.
Analysis by CoinGape illustrated that if an upward momentum persists, XRP could hit somewhere around $0.8. Current market sentiments suggest a potential shift toward a bullish trend, with RSI at 59 signaling a balanced market. A nudge by bulls could further drive the RSI into overbought conditions, hinting toward an imminent bullish trend on the horizon.
Also Read: Cardano Founder Debunks XRP Conspiracy Theories in AMA
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
