According to crypto analysis platform Whale Alerts, two unknown wallets have sent nearly $25 million worth of Ripple’s XRP token to Bitstamp and Bitso. As of yet, it is unclear who the owners of the wallets are. It is possible that the wallet belongs to the exchanges themselves and are shuffling their holdings. However, it is also possible that the wallet belongs to an XRP whale wanting to book profits.
Also Read: XRP Avoids Extreme Bearish Cross Buildout: Can Ripple Breach $1 Now?
Ripple’s XRP token is struggling to rally. The asset has fallen 7.2% in seven days, 5.6% in the 14-day charts, and 3.6% over the last month. XRP’s current resistance levels are at around $0.50.
Will Ripple’s XRP face a correction?
The movement of coins from a wallet to an exchange raises a few eyebrows as it increases the chances of them being put for sale. The selling of $25 million worth of tokens may negatively impact XRP’s price.
Also Read: XRP Won’t Rally Until This Happens: Ex-Director Explains
Ripple’s ongoing lawsuit with the US SEC is the most significant barrier to XRP’s price. Former Ripple director Sean McBride also said that XRP’s price won’t move until a verdict is announced in the lawsuit. A US district court ruled somewhat in favor of Ripple last year, leading to a rally. However, prices quickly corrected themselves. If the high court rules similarly to the district court, XRP may witness a sudden surge in price and adoption.
CoinCodex expects XRP to rally 35% to $0.65 on Monday, June 17, 2024.
CoinCodex data shows that prices may not remain at $0.65 for long. XRP may witness a price dip later this month, and could fall to $0.60 by the end of June.
Ripple has also announced that it launch tokenized gold on the XRP ledger in 2024. The move may aid the asset’s price recover lost ground.