XRP Whale Offloads 58 Mln Tokens As Price Nears $0.52, What’s Happening?

XRP, an eminent cryptocurrency backed by Ripple Labs, birthed a hurricane of speculations across the broader crypto market recently, as the token noted noteworthy whale transactions today, February 9. As per on-chain insights spotlighted by the blockchain tracking platform Whale Alert, two massive whale transactions collectively shifted a staggering 57.75 million XRP to two CEXs, Bitstamp and Bitso.

Meanwhile, the token’s price jumped substantially today, contrasting with the whale’s massive selloff. Simultaneously, Ripple’s extension of the deadline for remedies-related discovery in the XRP lawsuit for a week appears to have birthed additional inferences for the price action of the Ripple-backed token.

A prominent crypto market analyst, XRP Whale, further proclaimed the token to pump hard shortly ahead, nabbing significant attention among crypto market enthusiasts globally.

XRP Whale Transactions: In-Depth Report

According to the data revealed by the blockchain tracking platform Whale Alert, XRP worth $29.85 million was shifted to the CEXs mentioned above through a series of two transactions. The first transaction showcased the transfer of 29.8 million XRP, worth $14.40 million, to Bitso, a Mexico City-based CEX. Whereas, the second transaction illustrated the shifting of 27.95 million XRP, worth $14.45 million, to Bitstamp, a Luxembourg City-based CEX.

Notably, both transactions were carried out by the same wallet address, …Rzn. What’s even more interesting is that these transactions, orbiting the same wallet address and the two CEXs, appear to be emerging as a recurring phenomenon following Ripple’s recent strategic stake acquisition in these CEXs. Moreover, as reported by CoinGape media earlier, the exact address reportedly shifted similar amounts to the same exchanges recently.

Furthermore, XRP’s open interest jumped 3.61% as of press time, mirroring the price’s upward movement today, signaling investors’ confidence in an uptrend. Moreover, the options open interest also soared 15.02%, reaching $290.99K.

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XRP Price Pumps

As of writing, the XRP price noted an upsurge of 1.41% over the past 24 hours and is currently trading at $0.5199. Its weekly price chart illuminated a 2.38% upswing, nabbing attention among crypto market fanatics.

Crypto market enthusiast XRP Whale’s remarks on an imminent pump further aligned with the token’s current market dynamics, fueling additional speculations for XRP. Contrasting with today’s whale selloff, the XRP price is showcasing bullish sentiments. The trading charts for XRP portray an upward curve in the token’s ASO (Average Sentiment Oscillator), mirroring previous patterns. XRP showcases the potential to reach $0.52 ahead and may pump even harder in the coming days, as per another analyst, Egrag Crypto.

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