- In an exciting recent development, a surprising movement of 427 million XRP caught the attention of crypto market traders and investors worldwide.
- Martinez suggested that the token could potentially gain bullish momentum first, creating significant interest among crypto market enthusiasts.
- According to data shared by Whale Alert, Ripple released the mentioned coins from escrow on Sunday, February 25th, and the amount was valued at $217.40 million.
Based on blockchain transactions, more than 400 million XRP tokens were moved today. Will XRP price drop further?
Movement of Over 400 Million XRP Tokens
In an exciting recent development, a surprising movement of 427 million XRP caught the attention of crypto market traders and investors worldwide. According to information presented by the blockchain tracker Whale Alert, it was observed that a remarkable 400 million XRP were released from escrow at Ripple, and a well-known XRP whale transferred almost 27 million XRP to a centralized exchange.
Meanwhile, the Ripple-backed token traded in the red today, prompting additional implications about XRP’s price movement. Renowned crypto market analyst Ali Martinez suggested that the token could potentially gain bullish momentum first, creating significant interest among crypto market enthusiasts. Derivative data for the Ripple-backed token also indicated, in line with the analyst’s statements, that new money was entering the market.
According to data released by Whale Alert, Ripple released the mentioned coins from escrow on Sunday, February 25th, and the amount was valued at $217.40 million. Additionally, an XRP whale associated with the address r4wf7enWPx…5XgwHh4Rzn transferred 27.40 million XRP, valued at $14.92 million, to Bitstamp, a Luxembourg City-based exchange.
Interestingly, while Ripple’s substantial movement of coins added new XRP coins to the market, the large sell-off by the whale also contributed to an increase in supply, aligning with the token’s recent downward trend. The price drop appears somewhat consistent with these added supply transactions.
XRP Price Shows a Decline
As of writing, XRP has experienced a 0.91% decline in the last 24 hours and is currently trading at $0.5355. The downward movement displayed by the token is consistent with the increase in supply. Notably, Ali Martinez highlighted significant market dynamics for the Ripple-backed token and indicated a potential bullish run.
According to the analyst, the TD Sequential indicator gave a buy signal on the weekly chart of XRP, accumulating bullish sentiments among crypto market participants. A continuous weekly close above $0.57 could push XRP to $0.63 or higher, according to Martinez, potentially reaching $0.65. Information provided by Coinglass showed a 1.09% increase in open interest, indicating the entry of new money into the market and aligning with the analyst’s remarks.
