XRP Whale Dumps 26 Mln Tokens Despite XRP ETF Buzz, What’s Next?

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In an exciting flip of occasions noticed just lately, the anticipation of a possible XRP ETF looming over the crypto horizon seems to have piqued the curiosity of crypto market lovers globally. Amidst the flurry of hype witnessed round a possible XRP ETF, an XRP whale offloaded important quantities of tokens to a centralized alternate. This birthed a torrent of speculative buzz throughout the broader crypto market, aligning with XRP’s worth motion. As per insights unveiled by the blockchain tracker Whale Alert, a staggering 26.1 million XRP whale transaction happened immediately, February 21.

Meanwhile, XRP’s worth traded within the pink, aligning with the whale’s huge dump. Ususal market sentiments of a droop with a rise in provide additional support this downward momentum. The derivatives knowledge additionally signaled a downtrend for the Ripple-backed token out there, per Coinglass’ knowledge. However, with Ripple’s CEO Brad Garlinghouse weighing in on a possible XRP ETF, possibilities of seeing bolstered costs persist.

Concurrently, a famend crypto market analyst, Cryptoes, additional make clear XRP’s present market dynamics. However, one other analyst, XRP Whale, ushered in a way of bullishness on the Ripple-backed token.

A Closer Look Into Today’s Whale Transaction

According to the (*26*) revealed by Whale Alert, an unknown pockets, …Rzn, was famous to be making the afore-stated switch to Bitstamp, a Luxembourg City-based CEX. This huge switch, price $14.73 million, mirrored the bearish motion portrayed by XRP immediately.

Moreover, the switch of XRP to Bitstamp by this specific pockets comes as a recurring phenomenon following Ripple’s strategic stake acquisition within the talked about CEX, birthing further inferences for this transaction.

Nonetheless, this colossal dump considerably explains XRP’s motion beneath the $0.55 mark. The 3.41% drop in open curiosity additional alerts a downtrend, garnering bearish ideas on the token.

However, with Brad’s optimistic stance on a possible XRP ETF, stating such monetary merchandise to be helpful in addition to the way forward for markets, speculations over a worth motion shift prevail.

Also Read: Pro-XRP Lawyer John Deaton Confirms Accepting Crypto Donations For Senate Campaign

XRP Price Drops

As of writing, the XRP price jotted down a drop of three.28% over the previous 24 hours and is at present buying and selling at $0.5471. The substantial surge of 19.14% within the token’s buying and selling quantity additional stirs speculations over XRP’s elevated promoting stress.

However, XRP Whale remained bullish on the token, claiming it to be able to reclaim the $0.60 mark. Cryptoes, alternatively, burdened the Ripple-backed token’s fixed bouncing again to $0.54. As per Cryptoes’ assertion, the resistance of $0.578 should witness a each day candle above it to see greater costs.