In a notable event for the digital currency community, a substantial whale transaction involving XRP has been detected. The significant transfer took place ahead of a pivotal juncture in Ripple’s ongoing legal tussle with the Securities and Exchange Commission (SEC). Concurrently, an extension was sanctioned by Judge Sarah Netburn, allowing Ripple additional time to present their financial disclosures.
XRP Faces Whale Movement
The tracking service Whale Alert reported an XRP transfer to the Bitstamp exchange, valued at $14.03 million. Despite this hefty transaction, the XRP cryptocurrency saw its value surge, going against the typical market response to such a large-scale sale.
Before the Bitstamp transfer, a sharp decline in XRP’s price was recorded. However, the cryptocurrency quickly rebounded, leading to market speculation. Investors were left puzzled as the increase in supply typically leads to price depreciation, yet XRP’s price climbed to $0.56.
Market Trends and Predictions
Derivative market analysis showed a 3.22% boost in open positions for XRP, hinting at a bullish trend. On the other hand, a 23.17% drop in token volume, as reported by Coinglass, suggested an imminent consolidation phase in the market. These factors, combined with the recent whale sale, could imply a potential price drop for XRP in the near future.
At the time of the report, XRP’s value exhibited a 1.64% rise over the last 24 hours, reaching $0.5614, showcasing an overall positive trajectory. The token also recorded gains on weekly and monthly charts, with increases of 7.06% and 1.86%, respectively.
While the XRP price moves upward, Cryptoes, a cryptocurrency analyst, acknowledged the token’s rebound over key resistance levels. Nevertheless, the analyst cautioned that more efforts are needed for sustained growth, suggesting that continued increases are not a certainty.