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