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In recent days, Ripple‘s XRP has drawn investor attention once again after $112.5 million was stolen. Following massive whale activity specific to XRP, the altcoin became the center of rumors again on Monday.
Moves of XRP Whales
Blockchain whale movements, known for being tracked by Whale Alert, indicate that 29 million XRP worth $14.72 million were shifted from an unknown wallet to a globally renowned CEX exchange.
While all this was happening, the price of XRP also saw a decline, paralleling the whale’s transfer of XRP to exchanges as mentioned above.
According to information revealed by Whale Alert, an unknown wallet address, …Rzn, sent 29 million XRP to the Bitstamp exchange today, on February 5th.
While all this was happening, the price of XRP seems to have settled just above the $0.50 level following the price drop. The transfer of XRP to the exchanges by the whales has not gone unnoticed by crypto market traders and investors globally.
Derivative data related to Ripple’s native token also showed a decline in trading activities and investor confidence, parallel to the drops in XRP price.
According to on-chain data provided by Coinglass, there was a 3.4% decrease in open interest rates. In this context, the value reached $547.29 million, while the option volume also dropped by 46.56%, down to $584.98.
These emerging retracement movements seem to have further fueled the current downward trend of XRP and have paved the way for different rumors among crypto market investors.
XRP Price Commentary
As of writing, a significant drop of 1.90% was observed in the XRP price over the last 24 hours, with the altcoin finding buyers at the $0.5044 level. Additionally, a 3.92% decrease in the token’s weekly price review did not go unnoticed.
Furthermore, the token’s market value fell by 1.16% to $27 billion, and its trading volume saw a 32.70% decrease, amounting to only $600 million.
The hacking incident last week involving Ripple’s co-founder Chris Larsen also had a significant impact on XRP. As a result of the attack, 112.5 million XRP were stolen from the personal wallets of the company’s co-founder.
