In a whirlwind of noteworthy events witnessed across the cryptocurrency landscape, XRP, a token backed by Ripple Labs, piqued the interest of crypto market fanatics globally following a substantial whale dump to Binance, the world’s leading cryptocurrency exchange.
As per on-chain metrics hovering over the crypto horizon, an unknown wallet address shifted roughly 26 million XRP to Binance today, February 9. The colossal transfer to Binance fueled additional inferences for the Ripple-backed token as it surfaced within the market amid XRP’s price pump.
Meanwhile, a renowned crypto market analyst, XRP Whale, portrayed bullish sentiments on the token, garnering noteworthy interest within the market. The analyst states XRP to the moon shortly ahead, conveying bullish thoughts on an imminent price rally.
26 Mln XRP On The Move Grabs Attention
According to the data unveiled by the blockchain tracking platform Whale Alert, a staggering 25.82 million XRP, worth $13.52 million, was shifted by an unknown wallet, rPz2qA93Pe…ycJR1N4iNf, to Binance. The massive selloff has birthed additional inferences among crypto market fanatics as it contrasted with XRP’s price jump witnessed today. Despite the substantial increase in the token’s supply, as a result of the whale’s selloff, the price chart for XRP showcased an upward movement as of press time. This seems to have sparked immense curiosity among crypto market traders and investors, incubating bullish thoughts for the token.
In the interim, options data for the Ripple-backed token mirrored the pump in its value, signaling an uptrend as investors’ confidence in the underlying price trend is strong. Although marginal, the open interest witnessed a slight bump of 0.01%, and the options open interest noted a 15.02% surge.
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XRP Price Soars
As of writing, the XRP price chart illustrated a 1.50% jump in the past 24 hours and is currently trading at $0.5247. The token appears to have gained significant traction amid its recent pump, surpassing the $0.52 mark yesterday.
Meanwhile, amid market uncertainties, the Ripple-backed token maintained its price above the vital $0.5 support level, initiating a reversal. This momentum seems to have ignited speculations over the potential onset of a recovery trend for XRP.
Intriguingly, another leading analyst, Dark Defender, recently proclaimed XRP to hit $1.88 ahead, aligning with its current market dynamics. Crypto market enthusiasts appear to be extensively eyeing the token, as its price action and market dynamics mirrors an imminent bull run ahead.
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