A token supported by Ripple Labs, XRP, has drawn the attention of cryptocurrency market enthusiasts globally following a significant whale dump to the world’s leading crypto exchange Binance.
Current Status of XRP Coin
Whale Alert, which tracks whale transactions in cryptocurrencies, reported that an unknown wallet address sent approximately 26 million XRP to Binance earlier today. This massive transfer to Binance occurred amidst an environment of rising XRP prices, creating question marks regarding the Ripple-backed token.
According to data shared by Whale Alert about the blockchain transaction, 25.82 million XRP tokens worth $13.52 million were sent to the Binance exchange from an unknown wallet, rPz2qA93Pe…ycJR1N4iNf.
This large exchange-oriented transaction is in stark contrast to the ongoing price rise of XRP, creating a big question mark in the minds of XRP followers regarding a potential sell-off. Despite the increase in XRP supply entering circulation due to the whale’s transfer to the exchange, XRP’s price was still moving upward at the time of writing.
This unusual situation has sparked considerable curiosity among cryptocurrency traders and investors, potentially leading to bullish sentiments for the token.
Meanwhile, option data for Ripple’s native token XRP has shed light on its price increase and revealed strong confidence in the fundamental price direction among investors, supporting the rise. Although nearly negligible, open interest saw a slight increase of 0.01%, and option open interest notably increased by 15.02% during this period.
What is the Dollar Price of XRP?
As of the time of writing, the XRP price chart has experienced a 1.50% increase in the last 24 hours and is currently finding buyers at the level of $0.5228. XRP left the $0.52 level behind yesterday and joined the rising structure seen in the cryptocurrency market.
On the other hand, for investors trading with Turkish Lira, the price is at the level of 16 TL according to the XRP/TRY parity.
A series of events that emerged in recent weeks centered around Ripple had created negative effects on the XRP price, but maintaining above the crucial support level of $0.5 could have initiated a comeback.
