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A significant development occurred today for the cryptocurrency XRP. A massive whale transaction was reported by Whale Alert. This transaction took place before a development related to Ripple‘s legal battle with the SEC. It was reported that Judge Sarah Netburn granted an extension for the submission of financial statements to Ripple.
XRP Whale’s Transaction
According to data revealed by Whale Alert, an XRP transfer worth $14.03 million was made to Bitstamp. Despite the whale’s transaction, the cryptocurrency XRP experienced a price increase.
Data indicates that XRP showed a significant drop just before the sale. However, shortly after the movement to Bitstamp, it gained upward momentum. This situation led to speculation among cryptocurrency market investors, as an increase in supply with a price drop contradicted usual market sensitivity. The XRP price is at $0.56.
Derivative Data on XRP
Derivative data for the altcoin XRP showed a 3.22% increase in open positions, indicating a potential uptrend. However, according to Coinglass data, a significant 23.17% drop in token volume signaled that the market might be ready to enter a consolidation phase. When aligned with today’s large whale sale, this potentially indicates that the price could be ready to record a decrease in the future.
As this article is written, the XRP price chart has shown a 1.64% increase in the last 24 hours, reaching $0.5614, indicating an upward trend. Notably, the weekly and monthly charts for the Ripple-backed token also showed a 7.06% increase and a 1.86% rise, respectively.
While these developments occur in the XRP price, cryptocurrency analyst Cryptoes highlighted the current dynamics of XRP, declaring that the token has returned above its key resistance areas. However, the analyst also emphasized that there is still much work to be done, implying that further price increases are not guaranteed.
The statement coinciding with derivative data and the whale’s sale seems to have sparked thoughts of a downturn among cryptocurrency market investors. A retreat below $0.55 for the cryptocurrency XRP appears likely.
