XRP Whale Dumps 26 Mln Tokens Despite XRP ETF Buzz, What’s Next?

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 a potential XRP ETF, stating such financial products to be beneficial as well as the future of markets, speculations over a price action shift prevail.

Also Read: Pro-XRP Lawyer John Deaton Confirms Accepting Crypto Donations For Senate Campaign

XRP Price Drops

As of writing, the XRP price jotted down a drop of 3.28% over the past 24 hours and is currently trading at $0.5471. The substantial surge of 19.14% in the token’s trading volume further stirs speculations over XRP’s increased selling pressure.

However, XRP Whale remained bullish on the token, claiming it to be ready to reclaim the $0.60 mark. Cryptoes, on the other hand, stressed the Ripple-backed token’s constant bouncing back to $0.54. As per Cryptoes’ statement, the resistance of $0.578 must witness a daily candle above it to see higher prices.

Also Read: US DOJ Requests New Order In Case Against Ex-Binance CEO Changpeng ‘CZ’ Zhao

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