XRP, a renowned cryptocurrency backed by Ripple Labs, birthed a cyclone of speculative buzz across the crypto horizon today following a noteworthy whale transaction jotted down by the token. As per market charts unveiled by the blockchain tracking platform Whale Alert, a staggering 28.9 million XRP, worth $14.70 million, on the go, caught the eyes of crypto market enthusiasts globally. Concerning this, the aforementioned amount was shifted to Bitstamp, a Luxembourg City-based CEX. Meanwhile, an unknown wallet, …Rzn, was noted, making the transfer today, February 7.
Simultaneously, the Ripple-backed token’s price also traded in the red as of press time, mirroring the whale’s offloading chronicle.
Diving Deep Into XRP On-Chain Metrics
The selloff by the same XRP whale, also recorded by CoinGape media previously, appears to have pushed the prices down within the broader crypto market. This potentially comes as a result of the token’s sudden jump in supply, somewhat falling in line with the token’s options trading data.
According to the insights offered by Coinglass, the open interest saw a 1.95% jump today, reaching $562.34 million. This further increased the liquidity for XRP and, when aligned with XRP’s price fall today, signals a downtrend.
Simultaneously, the options volume saw a 46.56% decline, reflecting the bearish market sentiment for XRP as options trading activity plunged.
Meanwhile, aligning with the whale’s selloff and options data, the XRP price noted a drop nearing $0.50.
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XRP Price Drops
As of writing, the XRP price noted a fall of 0.78% over the past 24 hours and is currently trading at $0.5036. Moreover, its weekly and monthly charts showcased a drop of 1.22% and 11.19%, respectively.
Concurrently, Cryptoes, a prominent crypto market analyst, birthed additional inferences for XRP, spotlighting vital market dynamics. According to Cryptoes, the token’s daily falling wedge is in the works, and traders should see a price action shift shortly ahead.
In the interim, the U.S. SEC appears to have gained the upper hand in the Ripple lawsuit, as per a report by CoinGape yesterday. Following this, Ripple shifted 120 million XRP to an undisclosed wallet.
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