XRP Whale Shuffles 203 Mln Tokens, Will Price Hit $0.58?

In a whirlwind of twists witnessed recently, XRP, a cryptocurrency backed by Ripple Labs, curated quite the buzz following the noting down of a significant whale transaction recently. As per on-chain insights offered by Whale Alert, a blockchain tracking platform, a whopping 203.10 million XRP, worth $112.20 million, on the move caught the eyes of crypto market enthusiasts.

Meanwhile, the XRP price today noted a substantial pump, nearing the $0.58 mark, sparking curiosity among crypto market traders and investors. The derivatives data for the Ripple-backed token further propelled bullish sentiments across the crypto market, coinciding with the surge in price witnessed today.

XRP Whale Transaction: A Closer Look

According to the data revealed, the unknown wallet address r47Wfk93Ti…uvHRiWYPsG, was noted, making the afore-stated transfer of XRP to another address, rH5wodHpZz…qeEjSdbzWU, yesterday, February 15. Intriguingly, soon after the massive transaction took place, the XRP chart showcased a drop, as per data by Trading View. However, it subsequently gained an upward momentum and surged phenomenally today, February 16.

In the interim, the derivatives data offered by Coinglass also showcased a substantial jump of 5.60% in XRP’s open interest, reaching $693.60 million. This further signaled an uptrend for the token in the market when aligned with the price pump. Furthermore, a substantial surge in volume noted also hints toward a robust bullish market trend driving the price upward, as mirrored by XRP’s run nearing $0.58.

Notably, the transfer of XRP between unknown wallets might also indicate confidence among token holders, further aligning with XRP’s jump.

Also Read: Crypto Prices Today: Bitcoin At 52K, XRP & ADA Rally As PEPE Dips

XRP Price Soars

As of writing, the XRP price chart showcased a 3.93% surge over the past day and is currently trading at $0.5759. The token’s market cap and trading volume also noted an uptick of 3.98% and 25.10%, respectively.

A leading crypto market analyst, Cryptoes, further spotlighted XRP’s recent captivating performance. The analyst stressed how the token finally got the daily close above the $0.54 mark, paving the way for further pumps ahead. These sentiments appear to be readying the token for its run past $0.58, however, speculations over XRP’s weekly close persist.

Also Read: Law Firm That Handled FTX Bankruptcy Will Monitor Binance $4.3 Billion Settlement

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.