XRP Price: 250M XRP Transfer Via Ripple Sparks Speculation

Ripple Transfers 250 Million XRP to Unknown Wallet, Sparking Speculation on Price

On June 21, 2024, Ripple Labs made headlines by moving a significant amount of XRP. Ripple transferred 250 million XRP to an unknown wallet, a move that has stirred speculations about the future of the XRP price. The token was trading at $0.48 today.

Massive XRP Transfer

According to Whale Alert, an on-chain transaction tracker, Ripple shifted 250 million XRP, worth $122.50 million, to an unknown wallet. This wallet, identified as rP4X2hTa7A7ud, now holds 270.95 million XRP, based on data from Bithomp.

This transaction has led to many speculations as XRP faces supply changes amid a bearish crypto market. Adding to the market uncertainty is the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), which has affected the token’s performance.

Further Movements

Shortly after the transfer of 250 million coins, 50,000 XRP was moved from the address rP4X2h to another address. This further complicates the motive behind the large transaction.

XRP Price and Market Data

Today, XRP traded in the red, aligning with the broader crypto market’s downward trend. At the time of writing, XRP’s price dropped by 1.36% over the past day, trading at $0.4888. The token’s 24-hour low was $0.4868, and its high was $0.5013.

Data from Coinglass revealed a 0.90% dip in the token’s Futures Open Interest (OI), now at $559 million. However, the derivatives volume increased by 18.73% to $1.01 billion. This volatility in the derivatives market might be contributing to XRP’s unstable movement today. The Relative Strength Index (RSI) was near 43, indicating broader market neutrality for the asset.

Future Predictions

If the bulls gain control over XRP in the coming days, there could be a potential upswing of 1700% in the price. On the other hand, if the bears dominate, XRP might experience further declines.

Conclusion

Ripple’s transfer of 250 million XRP has created a wave of speculation in the crypto community. With the ongoing lawsuit and market fluctuations, the future of XRP remains uncertain. Investors and traders will be closely watching these developments to gauge the token’s next move.

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