XRP Selloff: Whale Offloads 29 Mln Tokens As Price Slips Near $0.50
Highlights
- XRP whale dumps 29 Mln XRP to Bitstamp.
- Derivatives data for XRP notes a substantial drop.
- XRP price also notes a drop, mirroring the whale's selloff and the decline in derivatives.
XRP, a prominent cryptocurrency backed by Ripple Labs, once again curated a cyclone of speculations across the broader crypto market on Monday following noteworthy whale activity jotted down by the token. As per insights offered by the blockchain tracking platform Whale Alert, a whopping 29 million XRP, worth $14.72 million, was shifted from an unknown wallet address to a Luxembourg City-based CEX, nabbing significant attention globally.
Meanwhile, the token’s price also noted a drop today, mirroring the whale’s offloading chronicle as mentioned above. The derivatives data for the Ripple-backed token further aligned with the drop in XRP price, birthing additional inferences for the token.
XRP Whale Dumps $29 Mln Worth Tokens To Bitstamp
According to the data hovering over the crypto horizon, an unknown wallet address, …Rzn, offloaded 29 million XRP to Bitstamp today, February 5. Moreover, the offloading chronicle appears to have piqued the interest of crypto market traders and investors globally, as it seems to be mirroring XRP’s recent drop to the $0.50 mark.
While, the derivatives data for the Ripple-backed token also coincided with the drop in XRP price, portraying a decline in trading activity and investor confidence. As per on-chain insights offered by Coinglass, the open interest noted a 3.4% dip, reaching $547.29 million, whereas the options volume also fell 46.56%, reaching $584.98.
This appears to have further pushed XRP’s bearish movement today, fueling additional speculations among crypto market fanatics across the globe.
Also Read: Here’s What Nayib Bukele’s Re-election As El Salvador President Means for Bitcoin Investors
XRP Price Drops
As of writing, the XRP price noted a substantial drop of 1.22% over the past 24 hours and is currently trading at $0.5051. Furthermore, the token’s weekly chart also showcased a decline of 3.22%.
In addition, even the token’s market cap and trading volume witnessed a drop of 1.25% and 32.04%, respectively.
However, a prominent crypto market analyst, 24hrscrypto, shared sentiments contrary to XRP’s current market dynamics, claiming the token to surpass XLM, the native cryptocurrency of Stellar, shortly ahead.
Also Read: Crypto Prices Today: Bitcoin, Ethereum, Pepe Coin Dip As BNB & RON Rally
- Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces
- Breaking: $10 Trillion Vanguard Plans to Offer Crypto ETFs to Brokerage Clients
- BlackRock Loads Up on Bitcoin, Files For Premium ETF to Increase BTC Yield
- Best 10 Crypto Cards for 2025
- Expert Projects HYPE Token Upside as Bitwise Files for Hyperliquid ETF With SEC
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Is Ethereum Price Set for a rebound as Whale accumulation Intensifies?
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
