Significant XRP whale activity amid Ripple's legal battle with SEC triggers market speculation. Price movement analysis and bullish sentiments prevail.
Experiencing a captivating twist of events, XRP, a digital currency supported by Ripple Labs, sparked a wave of speculative excitement throughout the broader cryptocurrency landscape on Tuesday, February 20th, following the emergence of significant whale activity across the crypto sphere. Notably, this whale transaction, featuring the transfer of nearly 26 million tokens, garnered additional attention among cryptocurrency enthusiasts as Ripple’s extended deadline for remedies-related discovery from February 12th to February 20th approached.
Simultaneously, the trading trajectory of Ripple's token predominantly showcased positive movement today, although it briefly experienced a downturn, according to data from CoinMarketCap. This occurrence contrasts with the substantial sell-off by the whale to a CEX based in Luxembourg, diverging from the typical market response of a price decline with increased supply. Derivatives data for the token also indicated an upward trend within the market, sparking further interpretations for XRP's trajectory.
XRP Whale Continues to Offload Amid U.S. SEC vs Ripple Legal Battle
Fascinatingly, an XRP whale, identified by the address …Rzn, seems to have been steadily disposing of significant amounts of XRP to CEXs over recent days. The whale's selling spree notably intensified following Judge Netburn’s ruling on Ripple’s motion to extend the aforementioned deadline. This development appears to have captured the interest of cryptocurrency traders and investors globally.
According to data revealed by the blockchain tracking platform Whale Alert, the aforementioned wallet address transferred 25.90 million XRP, valued at $14.56 million, to Bitstamp, a centralized exchange. The consistent transfer of XRP by this whale to Bitstamp has become a recurring phenomenon within the crypto realm, particularly following Ripple’s strategic stake acquisition in the mentioned CEX. However, today’s substantial sell-off has not led to a decline in the token’s price, garnering significant attention across the market.
Derivatives data provided by Coinglass further indicated an upward trend, aligning with today’s price surge, as XRP’s open interest and volume experienced increases of 3.89% and 74.39%, respectively.
XRP Price Surges
At present, the XRP price has surged by 2.04% over the past 24 hours and is presently trading at $0.5718. The token’s market capitalization has witnessed a 2.02% increase, reinforcing its position as the 6th largest cryptocurrency by market cap. With a weekly surge of 8.08%, the token has experienced a bullish week. Notably, prominent XRP analyst XRP Whale remains bullish on the Ripple-backed token, as evidenced by numerous posts on X today, February 20th.
Analysis conducted by CoinGape suggests that if the current upward momentum persists, XRP could potentially reach around $0.8. Current market sentiment indicates a potential shift towards a bullish trend, with the RSI at 59, signaling a balanced market. A push by bulls could further drive the RSI into overbought territory, indicating a forthcoming bullish trend on the horizon.