Ripple [XRP] has faced a series of challenges in recent months due to ongoing legal disputes. With the looming threat of a potential SEC appeal, Ripple has been on the defensive. Despite these challenges, Ripple has initiated significant transfers of XRP tokens.
Ripple Executes a $117.6 Million XRP Transfer
According to Whale Alert, a platform tracking on-chain transactions, Ripple recently moved 200 million XRP tokens.
This transfer amounts to approximately $117.6 million based on current market rates. Reports suggest that the transfer was directed to a wallet associated with the company, sparking discussions within the XRP community.
Notably, a similar large transfer was made by Ripple to the same wallet just a week ago, raising questions about the relationship between the company and the wallet in question.
While the purpose behind these transfers remains undisclosed, they have generated significant speculation among XRP enthusiasts. The timing of these moves has garnered attention, particularly amidst growing concerns over a potential SEC appeal.
Market Impact and Price Analysis
Amidst these transfers and market chatter, XRP has been grappling with a notable downtrend. Currently trading at $0.5852, the digital asset has experienced a 1.13% decline in the last 24 hours.
Over the past month, XRP has witnessed a 3.42% decrease in value. Following a monthly low of $0.50 on September 6th, XRP saw a recent high of $0.61 before retracing by 4.92%.
Despite these price fluctuations, overall market sentiment remains positive. The funding rate for XRP on various exchanges has been favorable for long position holders, indicating a bullish outlook.
Moreover, the positive OI-weighted funding rate for XRP over the last two weeks suggests a growing preference for long positions, signaling investor optimism and an anticipation of price appreciation.
Therefore, despite recent price declines and Ripple’s substantial transfer activity, market sentiment remains upbeat. If this positive sentiment persists, XRP is poised to reclaim the $0.61 resistance level.
However, in the event of bearish pressure dominating the market and driving prices lower, XRP could fall to $0.56.