Key Insights:
- The latest Ripple news showed that the firm has moved over 145 million XRP tokens this week.
- These transactions raised fears of a potential sell pressure as XRP price consolidates.
- However, analysts remain bullish on XRP with near-term target set at $1.90.
The crypto market has been drawn to Ripple news as big XRP transfers appeared on-chain. The statistics show that Ripple transferred almost 145 million XRP via various wallets.
Some of these XRP tokens appeared in the accounts associated with Coinbase. It has sparked concerns of selloff and rekindled the discussions around the XRP price trend.
Ripple News: 145 Million XRP Movement Sparks Speculation
According to XRPScan data, Ripple-related wallets show a transfer of 75 million XRP on Monday. As per the Ripple news, the funds were sent to another address later identified as part of the firm’s internal wallet network.
Soon, the XRP reserve was divided into smaller batches and distributed to multiple wallets.
For those wondering the reason for these movements, the answer lies in Ripple’s infrastructure, which mostly doesn’t affect the price of XRP.
These tokens are often employed in managing the treasury and carrying out liquidity transactions. Subsequent monitoring showed that even some of these mediator wallets pivoted XRP to exchange-linked addresses.
In the Ripple news, two wallets moved a total of 50 million XRP to Coinbase related accounts. This trend has attracted attention as such offloading towards exchanges is usually seen as a sell-off move.
In addition, on Tuesday, the same wallet shifted another 70 million XRP tokens. The wallet initiated two different transactions towards distinct accounts.
The first transfer saw 50 million tokens shifted to the “raRVL…” address. Meanwhile, the second movement saw 20 million XRP going into the “rP4X2..” wallet address.
Nevertheless, this is not the first time Ripple has made such transfers. Layered wallet movements are often employed by the company to facilitate over-the-counter transactions as well as its cross-border liquidity solutions.
XRP Price Trend Shows Resilience
Mixed market sentiment took over as the above-mentioned Ripple news came in. Some participants perceived the transfers as regular internal operations.
Meanwhile, others flashed sell risks. Ripple’s large XRP movement could pose short-term risks to the XRP price.
However, at the technical level, analysts suggest a trend shift. Analyst Ali Martinez noted that XRP price might be shifting to a bullish structure rather than bearish.
Indicators such as the SuperTrend flashed a “buy” signal in the daily timeframe as sell pressure declined for Ripple coin.
In the meantime, on-chain data demonstrates the increasing concentration of large holders. Wallets belonging to whales are reported to have added nearly 360 million XRP to their wallets in the last week. This trend contradicts the potential sell pressure as suggested in the Ripple news today.
The XRP price action also shows a tightening pattern. In the lower timeframes, XRP chart shows a symmetrical triangle shape characterized by narrowed highs and lows. This arrangement usually indicates diminished volatility and is usually followed by a bold move.
Thus, key levels are under strict scrutiny. Martinez believes that a bullish momentum can sustain if the XRP price can breakout above $1.55. If sustained, it could possibly go as high as $1.90. On the negative side, the $1.30 zone acts as support and a breakdown could deepen losses.