A XRP whale dumped around 26 million XRP to Binance sparking interest in the cryptocurrency particularly as XRP’s price started rising.
When a significant XRP whale dump was made to Binance, XRP a coin supported by Ripple Labs attracted the interest of crypto market fans worldwide. This event occurred amid a whirlwind of noteworthy occurrences witnessed across the cryptocurrency landscape.
An unidentified wallet address sent around 26 million XRP to Binance on February 9 according to on-chain data now floating over the cryptocurrency horizon.
During the time that the price of XRP was rising. The massive transfer by the XRP whale to Binance sparked additional speculations about the Ripple-backed token. This occurred as the token emerged on the market.
During this period, a well-known cryptocurrency market analyst known as XRP Whale expressed bullish opinions regarding the token which resulted in significant interest in the market among investors.
In a statement that conveys bullish sentiments about an expected price rally, An expert predicts that XRP will soon reach unprecedented heights. An unknown wallet with the address rPz2qA93Pe…ycJR1N4iNf transferred a whopping 25.82 million XRP currently valued at $13.52 million to Binance as revealed by Elephant Alert a blockchain tracking platform.
The large selloff of XRP today has sparked additional inferences among passionate cryptocurrency market participants, when compared to the price increase. As of when this article was published, the price chart for XRP displayed an upward movement despite the significant increase in the token’s supply due to the XRP whale’s selloff.
This appears to have created extensive curiosity among traders and investors in the cryptocurrency market which has resulted in the development of bullish sentiments on the coin.
During this interim period, the options data for the Ripple-backed token paralleled the rise in its value, indicating an uptrend because investors have great confidence in the underlying price movement.
Although it was minor, the open interest experienced a slight increase of 0.01%, while the open interest in options saw a significant increase of 15.02%. At the time of this writing, the price chart for XRP displayed a rise of 1.50% over the previous 24 hours and is presently trading at $0.5247.
The token appears to have gained substantial traction amid its latest pump, surpassing the $0.52 mark yesterday for the first time. In the meantime, the Ripple-backed coin managed to keep its price above the crucial $0.5 support level, which resulted in a reversal.
This occurred despite the turmoil that was happening in the market. This momentum has sparked rumors of a possible beginning of a recovery trend for XRP.
It is intriguing that Dark Defender another prominent analyst, recently predicted that XRP will reach $1.88 ahead of schedule which aligns with the market’s fundamentals.
The price movement and market dynamics of the token look to be a reflection of an imminent bull run ahead, which appears to be attracting a lot of attention from specialists in the cryptocurrency market.