As the crypto space continues to experience a price surge, Ripple Labs (XRP) was hit with a massive transaction from some whale wallets. This is coming after Ripple pushed to extend remedies-related briefing deadlines in the lawsuit with the U.S. Securities and Exchange Commission (SEC).
The Ripple (XRP) whale activity involving two huge transactions involving significant amounts of Ripple caught the attention of crypto traders and investors worldwide. Ripple had been trading slowly for some time, but today, its notable upward movement, along with data from derivatives, hinted at a potential uptrend in the market, sparking more optimism.
According to data from Whale Alert, a blockchain tracker, these transactions involved a total of 61.99 million XRP being moved between Binance, a top cryptocurrency exchange. In the first transaction, 21.99 million Ripple, valued at $12.85 million, was transferred from Binance to an unknown wallet with the address rarG6FaeYh…gFsPn2bZKk. Meanwhile, the second transaction saw 40 million Ripple, worth $23.47 million, moved from another unknown wallet with the address rPz2qA93Pe…ycJR1N4iNf, to Binance.
During the time of writing, the price of XRP stands at $0.600668, with a trading volume of $3,825,935,038 over the past 24 hours. Ripple has experienced a 2.14% increase in value over the last day.
In the transactions, one whale appears to be accumulating assets, while another is offloading significant amounts, sparking speculation among investors. However, despite this uncertainty, XRP's price movement suggests a bullish outlook for the altcoin, which is further supported by data from its derivatives market.
According to reports on Ripple's token derivatives, there's been a notable influx of new investment, indicating increased activity in the market. Data from Coinglass shows a 7.51% rise in the token's open interest, coupled with a substantial 59.85% surge in trading volume, signaling a positive trend.
Throughout February, the token has been steadily climbing, accompanied by a rise in its OI-weighted funding rate. This suggests growing confidence among traders and investors, leading to more long positions in Ripple.
Such trends create a favorable environment for Ripple, providing buyers with the opportunity to push its price even higher. If this momentum continues, we could see increased buying pressure driving the altcoin's value towards key levels like $0.75 or even $0.93.
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