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250M XRP Transfer Via Ripple Sparks Speculation, What’s Next?
In an attention-nabbing development witnessed today, June 21, Ripple Labs has again shifted massive amounts of XRP, impacting the token’s market dynamics. According to a post revealed on X by an on-chain transaction tracker, 250 million XRP was shifted to an unknown wallet from Ripple. This transaction has birthed a tsunami of speculations on XRP’s future price movements. So, let’s take a deeper look into the current market dynamics of the Ripple-backed asset.
Ripple Moves 250M XRP To Unknown Wallet
In a post shared by the tracker Whale Alert today, it was pointed out that 250 million XRP, worth $122.50 million, was shifted from Ripple to the unknown wallet address rP4X2hTa7A7ud. Bithomp’s data further highlighted that the address held 270.95 million XRP at press time.
The transaction has primarily birthed speculations as XRP takes the heat of supply flux amid a bearish crypto market today. Meanwhile, the ongoing lawsuit between Ripple and the U.S. SEC has further pushed the token to perform sluggishly.
It’s worth noting that soon after 250 million coins were shifted to the address, 50K XRP was further transferred to another address by rP4X2h. This has clouded the motive of the massive transaction into an enigma.
Meanwhile, XRP traded in the red today, falling in line with the broader crypto market’s movement.
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XRP Price Falls
As of writing, XRP’s price dipped 1.36% over the past day to trade at $0.4888. The token’s 24-hour lows and highs are $0.4868 and $0.5013, respectively.
Coinglass data showcased a 0.90% dip in the token’s Futures OI, resting at $559 million. However, the derivatives volume saw a spike of 18.73% to $1.01 billion. This uncertainty in the derivatives market could potentially be driving XRP’s turbulent movement today.
Whereas, the RSI rested near 43, hinting at broader market neutrality for the asset.
Should bulls take control over the token in the coming days, a potential 1700% upswing could lift XRP price. Conversely, bears taking over could result in further dips.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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