Ripple Labs’ battle with the SEC has brought XRP into the spotlight, with a price increase that has focused all attention on the altcoin. The whale transaction that occurred amidst the price rise brought with it a flurry of speculation. According to on-chain data provided by Whale Alert, which closely monitors whale transactions on the blockchain, approximately 203.10 million XRP worth about $112.20 million was moved.
What’s the XRP Whale Up To?
As of writing, the XRP price seemed to be approaching the $0.58 level. This rise has sparked great curiosity among traders and investors.
Derivative data related to the Ripple-supported altcoin coincided with today’s price rise, further strengthening the bullish sentiment towards XRP in the crypto market.
In the midst of all this, a massive XRP transfer was made from an unknown wallet address represented by r47Wfk93Ti…uvHRiWYPsG to another address lan rH5wodHpZz…qeEjSdbzWU on February 15th.
Following this transaction, a drop in XRP price was observed, according to the data obtained. The downturn was short-lived, and a subsequent rise ensued. Today, on February 16th, an extraordinary increase was reflected in the charts.
On the other hand, looking at the derivative data provided by Coinglass, there was a significant increase of 5.60% in open interest for XRP as of today, while the value reached $693.60 million. This situation paralleled the price increase, supporting the bullish sentiment.
Moreover, the remarkable increase in XRP volume supports the optimism in the market, as evidenced by XRP’s movement towards the $0.58 level.
What is the Current Dollar Price of XRP?
As of writing, the XRP price has experienced a 4.6% increase, bringing the price to $0.5708. The token’s market value has surpassed the $31 billion mark with a 4% increase, while the 24-hour trading volume has exceeded $1.7 billion with a 25.10% increase.
During this period, the analyst Cryptoes, whose name has been heard frequently lately, pointed out the recent rise of XRP.
The importance of staying above the highlighted $0.54 level by the analyst is evident once again, and the token appears to be preparing to visit $0.58. Despite all this, where XRP will end its weekly close remains a topic of curiosity among investors.
