XRP Following the significant whale activity on the Ripple front, it became even more active with the move from the Ripple front.
As reported by Koinfinans.com, according to the information provided by Whale Alert, 29 million XRP worth $14.72 million was transferred to an exchange.
The price of the token also recorded a decrease today after this move. Derivatives data for the Ripple-backed token further aligns with the decline in XRP price, creating additional implications for the token.
XRP Whale Sent $29 Million Worth of Tokens to Bitstamp
An unknown wallet sent 29 million XRP to Bitstamp on February 5. Moreover, another noteworthy detail is that it is linked to XRP’s recent drop to the $0.50 level.
Derivatives data for the Ripple-backed token also showed a decline in trading activity and investor confidence, coinciding with the decline in XRP price.
According to on-chain data provided by Coinglass, open interest decreased by 3.4% to $547.29 million, while option volume decreased by 46.56% to $584.98.
At the time of writing, XRP price has recorded a significant decline of 1.22% in the last 24 hours and is currently trading at $0.5051. Additionally, the token’s weekly chart also recorded a decline of 3.22%.
In addition to this, even the market cap and trading volume of the token witnessed a decline of 1.25% and 32.04% respectively.
