- Ripple transferred $117.6 million worth of XRP.
- Positive market sentiment persists despite monthly decline.
Ripple (XRP) has had a rough few months amidst legal battles. With the clouds of a possible SEC appeal in the previous case, Ripple has found itself in defensive mode. In the midst of all this, Ripple has made massive transfers of XRP.
Ripple Transfers $117.6 Million XRP
According to on-chain transaction tracker Whale Alert, Ripple transferred 200 million XRP tokens.
Source: Whale Alert
The transfer is estimated to be worth approximately $117.6 million, based on market rates at the time of publication. The report states that the transfer was made to an unknown wallet associated with the company.
A week ago, Ripple made another huge transfer to the same wallet, further fueling debates about the company’s ties to the wallet.
While the reason for the transfer remains unclear, it has sparked a massive discussion within the XRP community. The timing has caught the market’s attention, especially given growing concerns about a potential SEC appeal.
Impact on the graph?
Amidst these transfers and market speculations, XRP has been on a strong downtrend. In fact, at the time of writing, XRP was trading at $0.5852. This marked a 1.13% decline over the past day.
Additionally, over the past month, the altcoin has fallen by 3.42%. After hitting a monthly low of $0.50 on September 6, XRP hit a high of $0.61 3 days ago before dropping by 4.92%.
Source: Santiment
Despite the recent decline, market sentiment remains positive. For example, the XRP funding rate aggregated by exchange has been positive over the past week. This suggests that long position holders are paying short position holders.
So, traders in a long position expect the price to rise and are willing to pay a fee to hold their positions. This is a bullish signal.
Source: Coinglass
Additionally, the altcoin OI-weighted funding rate has been positive for the past two weeks. This once again shows that there is higher demand for long positions than for short positions. This implies that investors are optimistic and expect prices to rise in the near future.
Realistic or not, here is the market capitalization of XRP in terms of BTC
Therefore, although XRP has declined and Ripple has made a huge move, the market sentiment remains positive. If the positive market sentiment continues, the altcoin will reclaim the $0.61 resistance.
Therefore, if the bears overtake the market and prices fall further, it will fall to $0.56.
