Ripple just moved over $600 million XRP; Incoming sell-off?

Ripple has executed a massive transaction outside its normal monthly XRP unlocks, a move likely to cause jitters among investors.

Specifically, the blockchain firm transferred 200 million XRP, valued at roughly $606 million, to an unknown wallet, according to data shared by Whale Alert on August 18.

The move comes as XRP briefly slipped below the $3 mark, sparking concerns of short-term selling pressure.

Market watchers are divided on the implications. Some suggest the transfer may be linked to Ripple’s On-Demand Liquidity (ODL) operations or preparations for institutional deals, pointing to a tactical reshuffling of reserves rather than an outright sell-off.

Others, however, fear it could signal an impending wave of selling from Ripple itself, a company long scrutinized for its management of XRP supply.

The transaction arrives amid heightened sensitivity around whale movements in the crypto market, particularly when tied to Ripple, with speculation swirling about potential exchange-traded funds (ETFs) and broader institutional adoption.

XRP price analysis

If the tokens are sold, it could trigger a sharp sell-off for XRP, which is struggling to hold the $3 support zone amid wider cryptocurrency market weakness. 

As of press time, XRP was trading at $3.06, down 0.45% in the last 24 hours and more than 4% lower over the past week.

Technically, XRP sits in a precarious position, hovering just above its 50-day simple moving average (SMA) of $2.95, which signals short-term bullish momentum. 

However, the much lower 200-day SMA at $1.93 underscores that the broader trend remains weaker, leaving the current rally vulnerable unless XRP can sustain above the 50-day average.

Meanwhile, the 14-day RSI reads 51, a neutral level that suggests neither overbought nor oversold conditions, reflecting balanced market momentum.

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