XRP could potentially experience significant price fluctuations following a massive transaction of over $1 billion on the network.
Specifically, 320 million XRP, worth over $703 million, was transferred between unknown wallets early Monday, when the token was trading at $2.19, according to on-chain data retrieved by Finbold from Whale Alert on June 30.
In a separate transaction, 160 million XRP valued at around $351.7 million was also transferred between unknown wallets. In total, approximately 480 million XRP, worth more than $1.05 billion, was in motion across these large, anonymous transactions.
Implications of XRP’s massive transfers
While the sender and receiver remain unknown, large transfers like this often spark speculation about whale activity, exchange inflows, or institutional moves.
Such enormous transactions typically raise questions about market impact. They might represent over-the-counter trades with little immediate price effect or, if sent to an exchange, signal potential short-term selling pressure.
This transfer also comes just one day before Ripple’s scheduled release of over 1 billion XRP for July, which could add to price volatility.
These significant movements emerge as XRP and the broader Ripple ecosystem continue to draw attention, particularly in the context of the ongoing legal battle with the Securities Exchange Commission (SEC). Ripple’s leadership, however, insists it remains committed to resolving the case.
In a recent development, District Judge Analisa Torres denied a joint request from Ripple and the SEC to reduce a $125 million civil penalty and reverse an earlier finding that Ripple’s institutional XRP sales were unregistered securities offerings.
While Judge Torres partly granted the SEC’s request for an injunction and penalty, she also raised concerns about Ripple’s compliance with previous court limits. Despite this, Ripple insists the ruling does not change XRP’s legal status.
XRP price analysis
By press time, XRP was trading at $2.18, down about 0.5% over the last 24 hours. Meanwhile, the asset has surged by almost 8% over the past seven days.
Technically, XRP is trading below its 50-day simple moving average (SMA) of $2.28, signaling possible short-term weakness; however, it remains well above its 200-day average of $1.81, suggesting a longer-term bullish trend.
Volatility is low at 2.86%, indicating stable price action. The 14-day relative strength index (RSI) is 52.88, indicating a neutral position with no clear overbought or oversold signals.
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