- XRP Whales have stirred the pot with a $29.85 million transfer, yet the price has defied the movement.
- The extension of the SEC battle has fueled speculation of a potential shift in sentiment.
- Open interest and options data look positive and signal bullish investor sentiment.
Mystery surrounds recent whale activity involving Ripple-backed cryptocurrency XRP, as large transactions and a price surge fuel market speculation. On February 9th, blockchain tracker Whale Alert reported two massive transactions totaling 57.75 million XRP, worth roughly $29.85 million, moving from the same wallet address to cryptocurrency exchanges Bitso and Bitstamp.
XRP Defies Whale Sell-Off
This significant transfer coincides with a jump in XRP’s price, defying the typical expectation of a price drop following a major selloff. Further complicating the picture, Ripple recently secured an extension for remedies-related discovery in its ongoing lawsuit with the SEC, leading some to connect the dots between legal progress and the token’s price action.
Whale Alert’s data reveals that the 57.75 million XRP was split into two transactions, with 29.8 million ($14.4 million) going to Bitso and 27.95 million ($14.45 million) to Bitstamp.
Notably, both transactions originated from the same wallet address. This pattern of transfers involving the same address and these specific exchanges appears to be recurring, following Ripple’s recent strategic investments in Bitso and Bitstamp.
XRP Open Interest and Options Boom
Despite the whale activity, investors seem optimistic about XRP’s future. As of press time, the token’s open interest, which reflects the number of outstanding derivative contracts, increased by 2.11%, closely mirroring the price rise.
Additionally, the options open interest, representing the total value of outstanding options contracts, surged by 15.02% to $290,990. This indicates a growing market expectation for XRP’s price to continue its upward trend.
While the exact motivations behind the large transactions remain unclear, the overall picture suggests increased investor confidence and potential for further price movement.
On the Flipside
- The price increase could be temporary due to short-term buying pressure related to specific exchanges or other factors.
- While the extension for the lawsuit might seem positive since Ripple requested it, the lawsuit itself poses a significant risk.
Why This Matters
Mystery surrounds the recent whale activity on XRP, with large transfers and a price surge defying expectations. This unusual scenario and Ripple’s legal progress and strategic investments fuel speculation about the token’s future and potentially foreshadow further price movements.
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Wondering how the Ripple vs. SEC lawsuit could impact the future of Ripple and the crypto industry as a whole? Read here for more:
Ripple vs. SEC: Could an Appeal Push the Lawsuit Into 2026?
Curious about XRP’s potential for future growth despite the recent slump in price? Read here:
Ripple’s XRP Eyes $1 as Monthly Chart Reveals Bullish Signs
