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In a thrilling turn of events observed recently, the anticipation of a potential XRP ETF looming over the crypto horizon appears to have piqued the interest of crypto market enthusiasts globally. Amidst the flurry of hype witnessed around a potential XRP ETF, an XRP whale offloaded significant amounts of tokens to a centralized exchange. This birthed a torrent of speculative buzz within the broader crypto market, aligning with XRP’s price action. As per insights unveiled by the blockchain tracker Whale Alert, a staggering 26.1 million XRP whale transaction took place today, February 21. 
Meanwhile, XRP’s price traded in the red, aligning with the whale’s massive dump. Ususal market sentiments of a slump with an increase in supply further aid this downward momentum. The derivatives data also signaled a downtrend for the Ripple-backed token in the market, per Coinglass’ data. However, with Ripple’s CEO Brad Garlinghouse weighing in on a potential XRP ETF, chances of seeing bolstered prices persist. 
Concurrently, a renowned crypto market analyst, Cryptoes, further shed light on XRP’s current market dynamics. However, another analyst, XRP Whale, ushered in a sense of bullishness on the Ripple-backed token. 
<h2 id="a-closer-look-into-today-s-whale-transaction">A Closer Look Into Today’s Whale Transaction</h2> 
According to the <a rel="nofollow" href="https://whale-alert.io/transaction/ripple/3C49705256189083D9CDB327B67F1BC61E7C7446BF1DF680B4B78751D04CB465" target="_blank">data</a> revealed by Whale Alert, an unknown wallet, …Rzn, was noted to be making the afore-stated transfer to Bitstamp, a Luxembourg City-based <a href="https://coingape.com/glossary/centralized-cryptocurrency-exchanges-cex/" target="_blank" rel="noopener">CEX</a>. This massive transfer, worth $14.73 million, mirrored the bearish movement portrayed by XRP today. 
Moreover, the transfer of XRP to Bitstamp by this particular wallet comes as a recurring phenomenon following Ripple’s strategic stake acquisition in the mentioned CEX, birthing additional inferences for this transaction. 
Nonetheless, this colossal dump somewhat explains XRP’s movement below the $0.55 mark. The 3.41% drop in open interest further signals a downtrend, garnering bearish thoughts on the token. 
However, with Brad’s positive stance on a potential XRP ETF, stating such financial products to be beneficial as well as the future of markets, speculations over a price action shift prevail. 
Also Read: <a href="https://coingape.com/pro-xrp-lawyer-john-deaton-confirms-accepting-crypto-donations-for-senate-campaign/" target="_blank" rel="noopener">Pro-XRP Lawyer John Deaton Confirms Accepting Crypto Donations For Senate Campaign</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> jotted down a drop of 3.28% over the past 24 hours and is currently trading at $0.5471. The substantial surge of 19.14% in the token’s trading volume further stirs speculations over XRP’s increased selling pressure. 
However, XRP Whale remained bullish on the token, claiming it to be ready to reclaim the $0.60 mark. Cryptoes, on the other hand, stressed the Ripple-backed token’s constant bouncing back to $0.54. As per Cryptoes’ statement, the resistance of $0.578 must witness a daily candle above it to see higher prices. 
<a href="https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart.png"><img decoding="async" class="aligncenter wp-image-181693" src="https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart.png" alt="Cryptoes XRP chart" width="682" height="439" srcset="https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart.png 710w, https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart-300x193.png 300w, https://coingape.com/wp-content/uploads/2024/02/Cryptoes-chart-150x97.png 150w" sizes="(max-width: 682px) 100vw, 682px"></a> 
Also Read: <a href="https://coingape.com/us-doj-request-new-order-case-against-ex-binance-ceo-changpeng-cz-zhao/" target="_blank" rel="noopener">US DOJ Requests New Order In Case Against Ex-Binance CEO Changpeng ‘CZ’ Zhao</a> 
The post <a href="https://coingape.com/xrp-whale-dumps-26-mln-tokens-despite-xrp-etf-buzz-whats-next/">XRP Whale Dumps 26 Mln Tokens Despite XRP ETF Buzz, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Whale Dumps 26 Mln Tokens Despite XRP ETF Buzz, What’s Next?

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