Whale Dumps 25 Mln XRP Ahead Of Key Ripple Vs SEC Date, Price Below $0.55?

XRP, one of the most prominent cryptocurrencies by global market cap, birthed a hurricane of speculations across the broader crypto market today following the noting down of a massive whale transaction unveiled by the blockchain tracker Whale Alert. This transaction curated a wave of inferences as it emerged amid a flurry of hype witnessed subsequent to Ripple’s motion extension in the lawsuit against the U.S. SEC. Judge Sarah Netburn reportedly granted Ripple the right to extend the deadline for financial statements submission. In the interim, a whale was jotted down shifting colossal amounts of XRP  amid the token’s price pump.

As per the data hovering over the crypto horizon, a staggering 25.10 million XRP on the move caught the eyes of crypto market enthusiasts globally. These XRP tokens were moved to a Luxembourg City-based CEX, showcasing a dump of tokens.

Meanwhile, XRP’s price traded in the green today, coming in contrast to the massive selloff of XRP. The derivatives data for the Ripple-backed token showcased noteworthy data, birthing additional inferences for the altcoin’s run ahead.

XRP Whale Transaction: In-Depth Report

According to the data revealed by Whale Alert, the transfer of XRP, worth $ 14.03 million, was done to the CEX Bitstamp, as mentioned above. The transaction took place on Monday, February 19, coming in contrast to XRP’s price action.

As per data from Trading View, XRP showcased a substantial drop just prior to the selloff. However, it gained an upward momentum soon after the dump to Bitstamp. This promptly sparked speculations among crypto market traders and investors as it contrasted the usual market sentiment of a dip in price with a pump in supply. Moreover, data by CoinMarketCap showcased that XRP traded primarily in the green today, hovering just past the $0.56 mark as of press time.

Intriguingly, the derivatives data for the token further illustrated a 3.22% rise in XRP’s open interest, hinting toward a potential uptrend. However, a significant 23.17% reduction in the token’s volume, as per Coinglass‘ data, signaled that the market might be ready to enter a consolidatory phase. This, when aligned further with today’s massive whale selloff, potentially signals that the price might be ready to note a dip moving ahead.

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XRP Price Jumps

As of writing, the XRP price chart showcased an upward movement, jumping 1.64% in the past 24 hours, reaching $0.5614. Notably, the weekly and monthly charts for the Ripple-backed token also showcased a 7.06% surge and 1.86% upswing, respectively.

Intriguingly, Cryptoes, a prominent crypto market analyst spotlighted XRP’s current dynamics, proclaiming the token to be back above key resistance areas. However, the analyst still stresses the need for loads of work to be done, hinting a further pump might not be assured. Coinciding with the derivatives data and whale’s selloff, this remark seems to have birthed bearish thoughts among crypto market traders and investors, hinting toward a bearish turn below $0.55 for XRP ahead.

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