The XRP community is currently buzzing with activity as a crypto whale has executed a transfer of 27 million XRP to Bitstamp, a prominent central cryptocurrency exchange (CEX) based in Luxembourg. The transaction, worth approximately $14.87 million, has caught the attention of investors and market analysts alike.
Substantial XRP Movement Detected
This notable movement of funds was highlighted by Whale Alert, a service that monitors large-scale cryptocurrency transactions. The XRP in question originated from the Rzn wallet address and has been linked to similar previous transactions involving Ripple‘s strategic investments in Bitstamp and Bitso. This has sparked widespread conjecture regarding the implications of such transfers.
Contrary to expectations that the whale’s transfer might flood the market with XRP and depress its price, the cryptocurrency has seen a notable rise in value. This has left many in the community speculating about possible reasons, especially in light of Ripple’s ongoing legal challenges. They’re facing a new class action in California, accusing the company of selling XRP without the necessary securities registrations.
Market Defies Legal Issues with Positive Gains
Despite these legal entanglements and significant whale movements to CEXs, XRP has experienced a 2.78% uptick in price over the past day, reaching a value of $0.555. This positive momentum is further evidenced by an increase in trading volume, which has hit the $1.42 billion mark, pushing XRP’s market capitalization over $30 billion.
The encouraging market indicators have enforced a bullish perspective for the digital currency. Derivatives data indicate a 5.34% rise in open interest for XRP, hinting at a resurgence in investor interest. XRP now stands as the 6th most valuable cryptocurrency in terms of market capitalization.