250 Million XRP Transfer with ripple Sparks Speculation, What’s Next?
In a remarkable development witnessed today, June 21, Ripple Labs shifted large amounts of XRP again, influencing the market dynamics of the token. According to a post surfaced on X by an on-chain transaction tracker, 250 million XRP was transferred from Ripple to an unknown wallet. This transaction sparked a wave of speculation regarding the future price movements of XRP. So let’s take a deeper look at the current market dynamics of the Ripple-backed asset.
Ripple Moved 250 Million XRP to Unknown Wallet
A post shared today by tracker Whale Alert noted that 250 million XRP worth $122.50 million was shifted from Ripple to unknown wallet address rP4X2hTa7A7ud. Bithomp’s data also highlighted that the address had 270.95 million XRP at the time of publication.
The transaction sparked speculation primarily as XRP was taking the heat from the flow of supply in the bearish crypto market today. Meanwhile, the ongoing litigation between Ripple and the US SEC has caused the token to perform even slower.
It is also worth noting that 50 thousand XRP was transferred to another address by rP4X2h immediately after 250 million coins were transferred to the address. This turned the reason for the big transaction into a mystery.
Meanwhile, XRP traded in the red today, staying in line with the movement of the broader crypto market.
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XRP Price Falls
As of the time of writing, the price of XRP was traded at $0.4888, down 1.36% in the past day. The 24-hour low and high values of the token are $0.4868 and $0.5013 respectively.
Coinglass data showed a 0.90% decline in the token’s Futures OI, based at $559 million. However, derivative volume increased by 18.73% to $1.01 billion. This uncertainty in the derivatives market could potentially be triggering XRP’s turbulent move today.
On the other hand, the RSI remained around 43, signaling broader market neutrality for the asset.
A potential rally of 1700% could push the XRP price higher if bulls gain control of the token in the coming days. Conversely, bears gaining control could lead to further declines.
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