- Ripple transferred $117.6 million worth of XRP.
- Positive market sentiment continues despite the monthly decline.
Ripple [XRP] has had challenging months amid legal battles. With the clouds of possible SEC appeal from the previous case, Ripple was in defensive mode. Amid this, Ripple has been making massive XRP transfers.
Ripple transfers $117.6 million XRP
According to the on-chain transaction tracker Whale alertRipple transferred 200 million XRP tokens.
Source: Whale Alert
This transfer has a value of approximately $117.6 million based on press time market rates. The report revealed that the transfer was made to an unknown wallet linked to the company.
A week ago, Ripple made another large transfer to the same wallet, reinforcing debates over the company’s ties to the wallet.
While the reason for the transfer remains unclear, it has sparked massive debate within the XRP community. The timing has caught the market’s attention, especially amid increased concerns about a possible SEC call.
Impact on graph?
Amid these transfers and market speculation, XRP has struggled with a strong downtrend. At the time of writing, XRP was trading as high as $0.5852. This represented a decline of 1.13% over the past day.
Furthermore, the altcoin has fallen 3.42% over the past month. After hitting a monthly low of $0.50 on September 6, XRP reached a high of $0.61 three days ago before falling 4.92%.
Source: Santiment
Despite the recent decline, market sentiment remains positive. For example, XRP’s funding rate aggregated by exchange rate was positive last week. This suggests that long position holders are paying short position holders.
So the long position traders expect the price to rise and are willing to pay a fee to maintain their positions. This is a bullish signal.
Source: Coinglass
Furthermore, the altcoins’ OI-weighted funding rate has been positive over the past two weeks. This further shows that there is a greater demand for long positions than for short positions. This implies that investors are optimistic and expect prices to rise in the near future.
Realistic or not, here is the market cap of XRP in terms of BTC
Therefore, although XRP has fallen and Ripple has made a huge transfer, market sentiment remains positive. If positive market sentiment continues, the altcoin will regain the resistance at $0.61.
Therefore, if the bears overtake the market and prices fall further, it will fall to $0.56.
