XRP Whales Shift 203 Mln Tokens Amid XRP ETF Buzz, What’s Next?

XRP, a cryptocurrency backed by Ripple Labs, echoed a sense of frenzy across the broader crypto market today as the token noted massive whale transfers, per the blockchain tracker Whale Alert. These transfers promptly gained traction among crypto market enthusiasts as XRP’s price witnessed a significant drop today.

The whale data revealed the transfer of a staggering 203.3 million tokens to and fro from CEXs. This piqued the interest of crypto market traders and investors globally as derivatives data by Coinglass suggested a downtrend for the Ripple-backed token, mirroring the drop noted in its price.

Intriguingly, the altcoin traded briefly in the green as well, with the volatility birthing additional inferences for XRP’s price action ahead.

A Closer Look Into Today’s XRP Whale Activity

According to the data unveiled by Whale Alert, six noteworthy transactions took place over the last 24 hours. These transactions showcased the reshuffling of a staggering 203.3 million XRP to and fro from CEXs Bitstamp, Bitso, and Binance, one of the world’s leading cryptocurrency exchanges.

The first transaction that surfaced within the market illustrated the transfer of 19.90 million XRP from Binance to an unknown wallet, rfQ9EcLkU6…eN47Rk8Cvi. Whereas, the second transaction also displayed 18.54 million tokens shifted to the same CEX by another unknown wallet, rarG6FaeYh…gFsPn2bZKk.

Intriguingly, the third transfer portrayed a whopping 95 million XRP shifted to Binance, while the fourth moved 20.89 million XRP from Binance to an unknown wallet, rhWj9gaovw…GRbuXFLQkK, again.

Notably, the fifth and sixth transactions, now positioning as a recurring phenomenon, disclosed a renowned XRP whale, …Rzn’s, shifting of 21.40 million and 27.30 million tokens to CEXs Bitso and Bitstamp, respectively.

These transactions stirred a whirlpool of speculations, aligning with the Ripple-backed token’s bearish movement today.

Also Read: Ethereum’s Vitalik Buterin Highlights Permanent Money Loss Risk in L2

XRP Price Plunges

As of writing, the XRP price dropped 0.60% over the past 24 hours and is currently trading at $0.5449. With the recent buzz witnessed around Brad Garlinghouse’s positive stance on a potential XRP ETF, crypto market enthusiasts much await a price action shift.

However, derivatives data spotlighted a 0.38% drop in open interest and a 30.64% decrease in XRP’s volume, hinting at a downtrend in the market when aligned with the fall in price. Usual market sentiments convey disgruntled long position holders liquidated their positions, curating a bearish climate for Ripple’s cryptocurrency.

Besides, Cryptoes, a crypto market analyst, spotlighted the token’s significant holding of weekly support. A weekly close above this level could prove bullish for XRP.

Also Read: Binance & Other Crypto Firms Faces Ban In Nigeria, Here’s Why

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