Whales Transfers 25 Million XRP Amidst SEC vs. Ripple Case Resulted To Slight Pump In XRP Price
An unusual whale transaction of over 25 million XRP has triggered speculations within the crypto community.
A transaction report from Whales Alert reveals that a massive whale transaction which involves a transfer of 25 million XRP, equivalent to $14.03 million was made to Bitstamp. Because of this, XRP, Ripple’s native token witnessed a slight increase in its price.
What happened to XRP?
Prior to the transfer, XRP witnessed a significant drop and then gained an upward momentum right after the whales’ XRP sell-off. The sell-off instantly started to make noise in the crypto community with speculations among crypto market traders and investors if this was just a potential market manipulation or a strategic selling. As of this writing, XRP price is at $0.56 showing an increase of 0.80% increase.
Moreover, derivatives data for XRP indicates a 3.22% increase in open interest, showing a potential uptrend. However, a 23.17% decrease in XRP’s trading volume alongside huge whale sell-offs could lead to a potential consolidation phase and an upcoming price correction.
While these changes occur in XRP price, Cryptoes, a crypto analyst, explains the current dynamics of XRP, and claims that the token has returned above its key resistance areas. He also added that there is still much work to be done to consider further price increases on XRP.
Meanwhile, Ripple is still facing its ongoing legal battle with the SEC. The crypto community is anticipating a discovery deadline tomorrow, February 20. This vital moment could unlock crucial evidence that will influence the court’s final case for the regulation of digital assets. As the final hearings are presented and the court deliberates, the next upcoming months will be significant not just for Ripply but for the future of cryptocurrency.
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