Coingape Staff
XRP, a cryptocurrency backed by Ripple Labs, once again curated a tidal wave of bullishness among crypto market enthusiasts across the globe as its price continued an upward movement today, February 29. Aligning with the pump witnessed by XRP today, CoinmarketCap’s charts showcase the Ripple-backed token’s movement surpassing the $0.60 mark again, after crossing it briefly yesterday.
Amid this pump, two massive whale transactions surfaced within the broader crypto market, piquing the interest of crypto market traders and investors globally as XRP traded sluggishly for quite some time in recent days. The token’s noteworthy upward movement today, aligning with the derivatives data, further hinted at an uptrend in the market, amassing additional bullish sentiments.
XRP Whale Activity: Diving Deep
According to the data unveiled by the blockchain tracker Whale Alert, two massive whale transactions collectively showcased the shifting of a staggering 61.99 million XRP to and fro from Binance, one of the world’s leading cryptocurrency exchanges. The first transaction illustrated the transfer of 21.99 million XRP, worth $12.85 million, from Binance to an unknown wallet, rarG6FaeYh…gFsPn2bZKk. Meanwhile, the second transaction demonstrated the moving of 40 million XRP, worth $23.47 million, from an unknown wallet, rPz2qA93Pe…ycJR1N4iNf, to Binance.
These transactions showcased a mixed sentiment prevailing among whales within the broader crypto market, as one showcased signs of accumulation while the other dumped phenomenal amounts, stirring speculations. However, XRP’s price action painted a bullish climate for the altcoin in the market, also aligning with the token’s derivatives data.
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XRP Price Jumps
As of writing, the XRP price noted a rise of 4.63% in the past 24 hours and is currently trading at $0.6051. This surge above the $0.60 mark garnered noteworthy attention as XRP performed sluggishly previously, as mentioned above.
Derivatives data for the Ripple-backed token showcased substantial new money entering in the market, with burgeoning market activity. Coinglass‘ data suggested a 7.51% increase in the token’s open interest, whereas volume surged 59.85%, signaling an uptrend.
Analysis by CoinGape Media spotlighted XRP’s bullish momentum gained since last weekend as its price rebounded from the emerging support of $0.528. The token gradually rallied throughout February, with a jump in its OI-weighted funding rate, hinting at burgeoning readiness among traders and investors to invest more in XRP long positions. This further painted a bullish climate for XRP with buyers having the opportunity to pump the token further. If this happens, a boosted buying pressure may fuel the altcoin’s potential rally to the psychological level of $0.75 or even $0.93.
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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.
