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XRP, a renowned cryptocurrency backed by Ripple Labs, birthed a cyclone of speculative buzz across the crypto horizon today following a noteworthy whale transaction jotted down by the token. As per market charts unveiled by the blockchain tracking platform Whale Alert, a staggering 28.9 million XRP, worth $14.70 million, on the go, caught the eyes of crypto market enthusiasts globally. Concerning this, the aforementioned amount was shifted to Bitstamp, a Luxembourg City-based CEX. Meanwhile, an unknown wallet, …Rzn, was noted, making the transfer today, February 7. 
Simultaneously, the Ripple-backed token’s price also traded in the red as of press time, mirroring the <a rel="nofollow" href="https://whale-alert.io/transaction/ripple/24ECCDC55D923509B19FCAED37B4CE6E6DFF8A2420CAAABC53C54D63613DCB26" target="_blank">whale’s offloading chronicle</a>. 
<h2 id="diving-deep-into-xrp-on-chain-metrics">Diving Deep Into XRP On-Chain Metrics</h2> 
The selloff by the same XRP whale, also <a href="https://coingape.com/xrp-whale-offloads-29-5-mln-tokens-fall-to-0-50-imminent/" target="_blank" rel="noopener">recorded</a> by CoinGape media previously, appears to have pushed the prices down within the broader crypto market. This potentially comes as a result of the token’s sudden jump in supply, somewhat falling in line with the token’s options trading data. 
According to the insights offered by <a rel="nofollow" href="https://www.coinglass.com/currencies/XRP" target="_blank">Coinglass</a>, the open interest saw a 1.95% jump today, reaching $562.34 million. This further increased the liquidity for XRP and, when aligned with XRP’s price fall today, signals a downtrend. 
Simultaneously, the options volume saw a 46.56% decline, reflecting the bearish market sentiment for XRP as options trading activity plunged. 
Meanwhile, aligning with the whale’s selloff and options data, the XRP price noted a drop nearing $0.50. 
Also Read: <a href="https://coingape.com/jack-dorsey-backed-decentralized-social-project-bluesky-is-open-to-public/" target="_blank" rel="noopener">Jack Dorsey Backed Decentralized Social Project Bluesky Is Open to Public</a> 
<h2 id="xrp-price-drops">XRP Price Drops</h2> 
As of writing, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener">XRP price</a> noted a fall of 0.78% over the past 24 hours and is currently trading at $0.5036. Moreover, its weekly and monthly charts showcased a drop of 1.22% and 11.19%, respectively. 
Concurrently, Cryptoes, a prominent crypto market analyst, birthed additional inferences for XRP, spotlighting vital market dynamics. According to Cryptoes, the token’s daily falling wedge is in the works, and traders should see a price action shift shortly ahead. 
In the interim, the U.S. SEC appears to have gained the upper hand in the <a href="https://coingape.com/ripple-dumps-120-mln-xrp-after-sec-gains-upper-hand-in-legal-quandary/" target="_blank" rel="noopener">Ripple lawsuit</a>, as per a report by CoinGape yesterday. Following this, Ripple shifted 120 million XRP to an undisclosed wallet. 
Also Read: <a href="https://coingape.com/what-exactly-led-to-the-solana-outage-can-it-happen-again/" target="_blank" rel="noopener">What Exactly Led to the Solana Outage, Can It Happen Again?</a> 
The post <a href="https://coingape.com/whale-dumps-29-mln-xrp-as-judge-netburn-favors-sec-against-ripple/">Whale Dumps 29 Mln XRP As Judge Netburn Favors SEC Against Ripple</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Whale Dumps 29 Mln XRP As Judge Netburn Favors SEC Against Ripple

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