Whale Alert: 26 Mln XRP Tokens Swim To Binance Amidst Price Rally

Amidst a flurry of significant occurrences within the cryptocurrency realm, XRP, a token supported by Ripple Labs, attracted widespread attention from global crypto enthusiasts. This came in the aftermath of a considerable whale sell-off to Binance, the foremost cryptocurrency exchange worldwide.

According to on-chain metrics observing the cryptocurrency landscape, an unidentified wallet address moved approximately 26 million XRP to Binance on Feb 9. This substantial transfer to Binance has sparked further speculation about the Ripple-backed token, particularly as it coincided with a surge in XRP’s market price.

Simultaneously, XRP Whale, a well-known crypto market analyst, expressed optimistic views about the token, capturing significant attention in the market. The analyst predicts a rapid ascent of XRP to new heights, sharing positive sentiments about an upcoming price surge.

However, Data from the blockchain tracking tool Whale Alert shows that an unidentified wallet, rPz2qA93Pe…ycJR1N4iNf, sent an astounding 25.82 million XRP, valued at $13.52 million, to Binance. In light of the significant selloff and the price spike that XRP experienced today, cryptocurrency enthusiasts have begun to draw further conclusions.

XRP Price Momentum: A 1.50% Gain

In light of the significant surge in the token’s supply due to the whale’s selling activity, the current XRP price chart reveals an upward trend. This development has piqued considerable interest among cryptocurrency market traders and investors, fostering optimistic sentiments for the token.

In the meantime, data on options for the Ripple-supported token reflected the surge in its value, indicating a positive trend as investors exhibit strong confidence in the underlying price movement. Despite being marginal, the open interest experienced a slight increase of 0.01%, with a notable 15.02% rise in options open interest.

The price of XRP went up by 1.50% from yesterday and is now at $0.5247. The token gained momentum recently. Yesterday, its value went above $0.52.

Interestingly, Dark Defender, a prominent analyst, has recently predicted that XRP will reach $1.88 soon, aligning this forecast with the current market trends. Crypto enthusiasts seem closely focused on this token, as its price movements and market dynamics suggest a potential upcoming bullish trend.

Related Reading | https://btcpolitan.com/decoding-market-moves-bitcoin-traders-eye-us-m2-supply-signals/

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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