As a recent notable development in the crypto market, a potential XRP Prospects for its ETF are attracting attention from the global crypto community. Consistent with this expectation, an XRP whale transferred a significant amount of tokens to a centralized exchange. According to data shared by Whale Alert, 26.1 million XRP was transferred in this transaction on February 21.
However, after this major transfer, the price of XRP dropped. Due to the increasing supply and the general sentiment in the market, there is a decline in the value of the token. Derivatives data from Coinglass also predicts a downtrend for the Ripple-backed token. However, Ripple CEO Brad Garlinghouse’s statements regarding the XRP ETF point to the potential for prices to rise.
At the same time, crypto market analyst Cryptoes provided more information about the current dynamics of XRP. On the other hand, another analyst, XRP Whale, has a bullish expectation for XRP.
A Closer Look at Whale Operations
According to data provided by Whale Alert, an unknown wallet …Rzn reportedly made a large transfer to Bitstamp, a CEX based in Luxembourg City. This massive transfer of $14.73 million reflects XRP’s bearish trend today.
The transfer made by this private wallet to Bitstamp stands out as a repeat move following Ripple’s strategic stake purchase in that exchange. This process leads to several implications.
However, this large transfer is thought to explain XRP’s drop below $0.55. A 3.41% decrease in open interest seems to indicate that the token is in a downward trend.
On the other hand, Ripple CEO Brad’s positive stance towards a potential XRP ETF and emphasizing how useful such financial products are for the markets keeps the expectations of a change in price action alive.
XRP Price Drops
At the time of writing this news, the XRP price has recorded a decline of 3.28% in the last 24 hours. It is currently trading at $0.5471. The significant 19.14% increase in the token’s trading volume further fuels speculation on XRP’s increasing selling pressure.
However, XRP Whale continues its rise on the token. In this context, he claims that he is ready to reclaim the $0.60 mark. On the other hand, Cryptoes highlights that the Ripple-backed token has consistently returned to $0.54. According to Cryptoes, the $0.578 resistance should witness a daily candle above it to see higher prices.
