- Ripple transferred $117.6 million worth of XRP.
Positive market sentiment persists despite the monthly decline.
As a seasoned analyst with years of experience navigating the volatile crypto markets, I find myself intrigued by Ripple’s recent move to transfer $117.6 million worth of XRP. This action, coming amidst ongoing legal battles and potential SEC appeals, has sparked a flurry of debate within the XRP community.
In recent times, Ripple (XRP) has faced tough months due to ongoing legal disputes. As speculation mounts about a potential SEC appeal of the previous court case, Ripple has been playing defense. Notably, during this period, Ripple has carried out substantial XRP transfers.
Ripple transfers $117.6 million XRP
As reported by the blockchain transaction monitor Whale Alert, Ripple moved 200 million units of XRP tokens.
According to current exchange rates at the time of reporting, this transaction amounts to approximately 117.6 million dollars. The report hints that the money was sent to a wallet linked to the corporation, but the specific recipient remains unidentified.
Last week, Ripple carried out another significant transaction to the same wallet, fueling discussions about the potential relationship between the company and the wallet.
Despite the mystery surrounding the motive behind the transfer, it’s stirred up considerable debate within the XRP community. Notably, the timing has piqued the interest of the market, particularly due to growing apprehensions about the possibility of an SEC appeal.
Impact on chart?
In the midst of all the exchange activity and market guesswork, XRP has been grappling with a significant drop in value. Currently, it is being exchanged for approximately $0.5852. Interestingly, this represents a decrease of 1.13% in the last 24 hours.
Moreover, for the last four weeks, the value of the altcoin has decreased by approximately 3.42%. After touching its lowest point for the month at $0.50 on September 6th, XRP surged to a high of $0.61 just three days ago. However, it then dropped by 4.92%.
In spite of the recent drop, the overall feeling towards the market continues to be optimistic. For instance, the accumulated funding rate for XRP on various exchanges has been favorable in the last seven days. This indicates that those holding long positions are compensating those with short positions.
In other words, those who have taken a long position anticipate an increase in price and agree to pay a cost for maintaining it. This indicates a positive or bullish outlook on the market.
Over the past two weeks, I’ve noticed that the option-implied funding rates of altcoins have been consistently positive. This suggests that the demand for long positions exceeds that of short positions, indicating a bullish sentiment among investors. In other words, they seem optimistic about the price trend and believe it will increase in the near future.
Realistic or not, here’s XRP’s market cap in BTC’s terms
Therefore, although, XRP has declined and Ripple has made a huge transfer, the market sentiment remains positive. If the positive market sentiments holds, the altcoin will reclaim $0.61 resistance.
Consequently, if the bears overtake the market and prices decline further, it will drop to $0.56.
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2024-09-25 04:07