In a thrilling turn of events, an XRP whale’s 19.99 million accumulation appears to have piqued the interest of crypto market enthusiasts across the globe. As per insights unveiled by the blockchain tracker Whale Alert, this transfer of XRP, worth $10.69 million, promptly gained traction as XRP’s price neared the $0.54 mark as of press time.
Meanwhile, derivatives data for the Ripple-backed token birthed inferences over increased market activity, whereas no new money entered the market. The XRP price, however, traded in the red while writing, birthing additional inferences among crypto market traders and investors orbiting the whale transaction’s potential impact on XRP’s market dynamics.
XRP Whale Transaction: In-Depth Report
According to the data revealed by Whale Alert, the colossal 19.99 million XRP transfer surfaced today, February 24. This massive transfer showcased the accumulation of XRP from Binance, one of the world’s leading CEXs.
Notably, following this transaction, XRP’s chart gained an upward trajectory, nearing the $0.54 mark as of writing. However, the token still traded in the red, with a marginal drop of 0.06%, per CoinMarketCap’s data.
The notable accumulation of XRP was done by the wallet address rhW…QkK, as per the data by Etherscan. Simultaneously, this reduces the token’s supply within the broader crypto market, birthing sentiments over bolstered prices.
Also Read: Crypto Prices Today: Bitcoin Drops To $50K, PEPE Rebounds As Uniswap Soars 70%
XRP Price Analysis
As of writing, the XRP price showcased a marginal drop of 0.05% over the past 24 hours following a notable trading period in the red. Currently, the price rests at $0.5395, with CoinMarketCap’s charts showcasing an upward trajectory nearing the $0.54 mark for the token.
XRP showcased a flux between $0.55 and $0.53, mirroring a market unsure of the Ripple-backed token’s direction, with neither bears nor bulls taking definitive control.
In the interim, XRP recently witnessed a correction, following the topping of the $0.55 mark, bringing the token to hover between $0.52 and $0.53. The massive whale transaction witnessed today appears to be potentially pushing the token’s gradual upward trajectory in the market, as supply takes a hit with the aforementioned transaction.
Also Read: Uniswap’s 70% Price Rally Helps DeFi Steal Spotlight from AI Tokens