XRP, one of the top 5 cryptocurrencies by global market cap, has once again stirred up a whirlpool of speculations among global crypto market participants. The token has defied the broader crypto market trends with a highly turbulent price movement in the past 24 hours, causing a stir in the crypto community.

Amidst this volatile price action, a significant event unfolded as a whale was observed offloading approximately 60 million XRP to exchanges. This has in turn added a new layer of intrigue to the token’s future price action.

Here’s an in-depth report on the token’s current price movements and on-chain metrics.

XRP Whale’s Transfers Fuels Provocative Speculations

Notably, the Ripple Labs-backed token, XRP, functioning atop the layer 1 blockchain XRPL, has been grappling with a prolonged period of sluggish performance, primarily attributed to the legal dispute between Ripple and the U.S. SEC. This has cast a shadow over the token’s future, while whale activity has ignited a wave of additional inferences amid this period.

According to data highlighted by the blockchain tracking platform Whale Alert, 59.07 million XRP was shifted by a renowned XRP whale, …Rzn, to a couple of CEXs via two transactions in the past 24 hours. The first transaction illustrated 29.38 million XRP, worth $15.25 million, shifted to Bitstamp, a Luxembourg city-based CEX. Whereas the second transaction showcased 29.69 million XRP, worth 15.42 million, moved to Bitso, a Mexico City-headquartered CEX.

These transactions, emerging as a recurring phenomenon within the crypto sphere, have now gained global attention. In light of speculations surrounding Ripple dumping XRP in the market, the transactions by the abovementioned renowned XRP whale have echoed a buzz.

Intriguingly, following Ripple’s strategic ventures with Bitstamp and Bitso, these transactions by the same address have gradually emerged as a recurring phenomenon within the crypto realm. This has further birthed speculations over Ripple’s dumping of XRP, although no concrete proof has been provided yet.

While the broader market recovered today, these dumps, increasing selling pressure for XRP, potentially came as a setback for the token’s price trajectory, preventing further gains.

Also Read: Kraken Fires Back At SEC Over Unregistered Securities Trading Claims

XRP Price Fluxes

While writing, the XRP token’s price illustrated a marginal drop of 0.13% in the past 24 hours and is currently trading at $0.5166. Its 24-hour lows and highs are $0.5099 and $0.5216, respectively.

Looking at the broader timeframe charts, it appears that the Ripple-backed token is witnessing a consolidation period, with bulls and bears waiting to potentially take control of the asset. Coinglass data illustrated a 1.51% jump in XRP’s open interest, reaching $577.78 million, whereas derivatives volume dipped 4.54%, reaching $717.88 million.

Options volume saw a fall of 46.56%, reaching $584.98, whereas options open interest rose 15.02%, reaching $290.99K. This data, collectively, further rationalizes XRP’s highly volatile price movement, potentially driven by speculative trading in the market.

Further, the RSI hovered at 44, hinting that the asset is neither overbought nor oversold, with slight downward pressure in the market.

Besides, XRP’s blockchain XRPL also appears to be advancing with its cryptographic journey, although the token faces downside pressure. SBI Holdings’ crypto division joined the layer 1 blockchain as a validator today, further instilling hope for future endeavors surrounding the Ripple-backed token.

Also Read: Dogwifhat (WIF) Price Shoots 13% Amid Whale Accumulation, More Steam Left?

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