XRP Whale Shuffles 203 Mln Tokens, Will Price Hit $0.58?

In a whirlwind of twists witnessed recently, XRP, a cryptocurrency backed by Ripple Labs, curated quite the buzz following the noting down of a significant whale transaction recently. As per on-chain insights offered by Whale Alert, a blockchain tracking platform, a whopping 203.10 million XRP, worth $112.20 million, on the move caught the eyes of crypto market enthusiasts.

Meanwhile, the XRP price today noted a substantial pump, nearing the $0.58 mark, sparking curiosity among crypto market traders and investors. The derivatives data for the Ripple-backed token further propelled bullish sentiments across the crypto market, coinciding with the surge in price witnessed today.

XRP Whale Transaction: A Closer Look

According to the data revealed, the unknown wallet address r47Wfk93Ti…uvHRiWYPsG, was noted, making the afore-stated transfer of XRP to another address, rH5wodHpZz…qeEjSdbzWU, yesterday, February 15. Intriguingly, soon after the massive transaction took place, the XRP chart showcased a drop, as per data by Trading View. However, it subsequently gained an upward momentum and surged phenomenally today, February 16.

In the interim, the derivatives data offered by Coinglass also showcased a substantial jump of 5.60% in XRP’s open interest, reaching $693.60 million. This further signaled an uptrend for the token in the market when aligned with the price pump. Furthermore, a substantial surge in volume noted also hints toward a robust bullish market trend driving the price upward, as mirrored by XRP’s run nearing $0.58.

Notably, the transfer of XRP between unknown wallets might also indicate confidence among token holders, further aligning with XRP’s jump.

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XRP Price Soars

As of writing, the XRP price chart showcased a 3.93% surge over the past day and is currently trading at $0.5759. The token’s market cap and trading volume also noted an uptick of 3.98% and 25.10%, respectively.

A leading crypto market analyst, Cryptoes, further spotlighted XRP’s recent captivating performance. The analyst stressed how the token finally got the daily close above the $0.54 mark, paving the way for further pumps ahead. These sentiments appear to be readying the token for its run past $0.58, however, speculations over XRP’s weekly close persist.

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