As reported by The Bit Journal, Ripple (XRP) continues to make waves in the market with significant XRP transfers and its ongoing legal battles. With increasing speculation around a potential appeal from the SEC, Ripple’s recent moves have drawn even more attention. In the midst of this, Ripple executed large XRP transfers, capturing the community’s attention. Here are the details…
Ripple’s Massive Transfers
Whale Alert has reported a massive transfer of 200 million XRP by Ripple, valued at approximately $117.6 million. The transfer was made to a wallet believed to be linked to Ripple. This event has sparked widespread debate within the community. A similar transfer was made just a week ago, further fueling speculation.
Market Reaction and XRP Price Movement
Following these transfers, XRP entered a downward trend, currently trading at $0.592. Over the past 24 hours, the price has increased by 1.2%, but XRP has still lost 3.42% in value over the last month. XRP dropped to $0.50 on September 6 but recently reached $0.61 before falling by 4.92%.
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Despite the declines, market sentiment remains positive, with XRP’s funding rates staying in the green. This indicates that long positions are in higher demand than short positions, suggesting that investors expect the price to rise again.
Investor Outlook
For the past two weeks, XRP’s open-interest-weighted funding rate has been positive, further affirming that long position traders are leading the market. Investors maintain cautious optimism, driven by the positive market indicators.
As XRP attempts to balance its price drops with the prevailing positive sentiment, traders are watching for a potential retest of the $0.61 resistance. However, if bearish momentum takes over, XRP could pull back to $0.56. Investors are closely monitoring Ripple’s large-scale XRP transfers and market movements, hoping that the positive indicators will sustain.
Yet, the looming appeal from the SEC remains a wild card, potentially shaping the future of this altcoin.
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