- Ripple has moved $117.6 million in XRP.
- Despite a monthly dip, positive market sentiment continues.
Ripple [XRP] has faced difficult months amid ongoing legal disputes. With the potential for an SEC appeal looming, Ripple has adopted a protective stance. Nevertheless, significant XRP transfers have taken place.
Ripple moves $117.6 million in XRP
As reported by the on-chain transaction tracker Whale Alert, Ripple conducted a transfer of 200 million XRP tokens.
Source: Whale Alert
This transaction is valued at approximately $117.6 million according to market rates at the time of writing. The report noted that the transfer was sent to an unidentified wallet linked to the company.
A week prior, Ripple executed another large transfer to the same wallet, intensifying discussions about the connections between the company and the wallet.
While the reason behind this transfer is still unknown, it has sparked considerable dialogue within the XRP community. The timing is particularly noteworthy amid growing concerns over a possible SEC appeal.
Effect on the chart?
In the midst of these transfers and market speculation, XRP has been facing a significant downtrend. At the time of this writing, XRP traded at $0.5852, reflecting a 1.13% drop in the past 24 hours.
Furthermore, over the last month, the altcoin has seen a decrease of 3.42%. After reaching a monthly low of $0.50 on September 6th, XRP rose to $0.61 three days ago before encountering a decline of 4.92%.
Source: Santiment
Even with the recent setbacks, market sentiment remains optimistic. For instance, XRP’s funding rate across exchanges has been favorable over the past week. This indicates that those holding long positions are compensating short position holders.
This trend suggests that long traders are anticipating a price increase and are willing to incur a fee to maintain their positions, which is a bullish indicator.
Source: Coinglass
Additionally, the OI-weighted funding rate for the altcoin has been positive for the past two weeks, signifying a greater demand for long positions over short positions. This indicates investor optimism regarding a potential price increase in the near future.
Whether realistic or not, here’s XRP’s market cap in relation to BTC
Thus, despite XRP’s decline and Ripple’s substantial transfer, the market sentiment remains upbeat. If this positive sentiment persists, the altcoin may reclaim the $0.61 resistance level.
However, if the bearish trend continues and prices fall further, it could drop down to $0.56.
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