Ripple Moves 150M Coins As Price Soars 6%, What’s the Deal?

XRP News: American blockchain payments company Ripple set off waves of speculation on Friday with its massive 150 million XRP transfer. The blockchain firm’s massive transfer emerged in tandem with a remarkable 6% upswing in XRP price today. This phenomenon has sparked considerable enthusiasm among investors. Meanwhile, recent community developments garnered further optimism to the coin’s price movements.

XRP News: Ripple Moves 150M Coins, Whale Dumps 43M

As per Whale Alert’s on-chain insights on X, dated September 13, Ripple moved a staggering 150 million XRP, worth $85 million, to an unknown wallet address rP4X2hTa7A. This transaction has sparked significant discussions across the global crypto community amid the recent launch of the new Grayscale XRP trust.

Meanwhile, the renowned whale address …Rzn dumped 43.3 million coins, worth $24.34 million, to the exchanges Bitstamp and Bitso via a couple of transactions over the past day. However, despite the considerable dump, the native token of the American blockchain payments company has rocketed roughly 6% today.

As mentioned above, the recent launch of the Grayscale XRP trust appears to have sparked a wave of optimism for the Ripple-backed coin. Additionally, a recent probe into SEC Chair Gary Gansler has poured further optimism into the crypto’s future price movements.

Coin Price Pumps 6%

Meanwhile, Ripple’s XRP price soared nearly 6%, in the past 24 hours, defying the broader market trend, and is currently trading at $0.5699. The coin’s intraday low and peak were recorded as $0.5355 and $0.5809, respectively. Notably, the 24-hour trading volume for the asset registered a whopping 109% surge today.

Simultaneously, Coinglass data illustrated a 7% upswing in XRP’s futures OI to $642.02 million. Further, the derivatives volume skyrocketed 327.22% to $2.93 billion today. This massive surge in the derivatives market indicated heightened investor interest in the asset. Also, coupled with the price upswing, data hints that XRP is currently on an uptrend.

Altogether, recent XRP news, such as community developments and Ripple’s on-chain movements, has garnered significant investor attention to the digital asset.

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