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In a whirlwind of twists witnessed recently, XRP, a cryptocurrency backed by Ripple Labs, curated quite the buzz following the noting down of a significant whale transaction recently. As per on-chain insights offered by Whale Alert, a <a href="https://coingape.com/glossary/blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> tracking platform, a whopping 203.10 million XRP, worth $112.20 million, on the move caught the eyes of crypto market enthusiasts.
Meanwhile, the XRP price today noted a substantial pump, nearing the $0.58 mark, sparking curiosity among crypto market traders and investors. The derivatives data for the Ripple-backed token further propelled bullish sentiments across the crypto market, coinciding with the surge in price witnessed today.
<h2 id="xrp-whale-transaction-a-closer-look">XRP Whale Transaction: A Closer Look</h2>
According to the <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/2206C53D190F657E3D9547C3E3D86EB68446AC4C5755AF9C19B377B4FFC42747" target="_blank">data</a> revealed, the unknown wallet address r47Wfk93Ti…uvHRiWYPsG, was noted, making the afore-stated transfer of XRP to another address, rH5wodHpZz…qeEjSdbzWU, yesterday, February 15. Intriguingly, soon after the massive transaction took place, the XRP chart showcased a drop, as per data by Trading View. However, it subsequently gained an upward momentum and surged phenomenally today, February 16.
In the interim, the derivatives data offered by <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/XRP" target="_blank">Coinglass</a> also showcased a substantial jump of 5.60% in XRP’s open interest, reaching $693.60 million. This further signaled an uptrend for the token in the market when aligned with the price pump. Furthermore, a substantial surge in volume noted also hints toward a robust bullish market trend driving the price upward, as mirrored by XRP’s run nearing $0.58.
Notably, the transfer of XRP between unknown wallets might also indicate confidence among token holders, further aligning with XRP’s jump.
Also Read: <a href="https://coingape.com/crypto-prices-today-bitcoin-at-52k-xrp-ada-rally-as-pepe-dips/" target="_blank" rel="noopener noreferrer nofollow">Crypto Prices Today: Bitcoin At 52K, XRP &amp; ADA Rally As PEPE Dips</a>
<h2 id="xrp-price-soars">XRP Price Soars</h2>
As of writing, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> chart showcased a 3.93% surge over the past day and is currently trading at $0.5759. The token’s market cap and trading volume also noted an uptick of 3.98% and 25.10%, respectively.
A leading crypto market analyst, Cryptoes, further spotlighted XRP’s recent captivating performance. The analyst stressed how the token finally got the daily close above the $0.54 mark, paving the way for further pumps ahead. These sentiments appear to be readying the token for its run past $0.58, however, speculations over XRP’s weekly close persist.
Also Read: <a href="https://coingape.com/law-firm-that-handled-ftx-bankruptcy-will-monitor-binance-4-3-billion-settlement/" target="_blank" rel="noopener noreferrer nofollow">Law Firm That Handled FTX Bankruptcy Will Monitor Binance $4.3 Billion Settlement</a>
The post <a href="https://coingape.com/xrp-whale-shuffles-203-mln-tokens-will-price-hit-0-58/" rel="noopener noreferrer nofollow">XRP Whale Shuffles 203 Mln Tokens, Will Price Hit $0.58?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Whale Shuffles 203 Mln Tokens, Will Price Hit $0.58?

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