In an attention-nabbing development witnessed today, June 21, Ripple Labs has again shifted massive amounts of XRP, impacting the token’s market dynamics. According to a post revealed on X by an on-chain transaction tracker, 250 million XRP was shifted to an unknown wallet from Ripple. This transaction has birthed a tsunami of speculations on XRP’s future price movements. So, let’s take a deeper look into the current market dynamics of the Ripple-backed asset.
<h2 id="ripple-moves-250m-xrp-to-unknown-wallet">Ripple Moves 250M XRP To Unknown Wallet</h2>
In a post shared by the tracker Whale Alert today, it was pointed out that 250 million XRP, worth $122.50 million, was shifted from Ripple to the unknown wallet address rP4X2hTa7A7ud. <a rel="noopener noreferrer nofollow" href="https://bithomp.com/explorer/rP4X2hTa7A7udDbE6wczXvPz7XZ63sKxv3" target="_blank">Bithomp’s data</a> further highlighted that the address held 270.95 million XRP at press time.
The transaction has primarily birthed speculations as XRP takes the heat of supply flux amid a bearish crypto market today. Meanwhile, the ongoing lawsuit between <a href="https://coingape.com/ripple-xrp-case-update-june-20-judge-torres-was-right-on-xrp-sec-may-not-appeal/" target="_blank" rel="noopener noreferrer nofollow">Ripple and the U.S. SEC</a> has further pushed the token to perform sluggishly.
It’s worth noting that soon after 250 million coins were shifted to the address, 50K XRP was further transferred to another address by rP4X2h. This has clouded the motive of the massive transaction into an enigma.
Meanwhile, XRP traded in the red today, falling in line with the broader <a href="https://coingape.com/crypto-prices-today-june-21-bitcoin-wanes-to-64k-layerzero-dips-14-but-core-rallies-11/" target="_blank" rel="noopener noreferrer nofollow">crypto market’s</a> movement.
Also Read: <a href="https://coingape.com/heres-when-bitcoin-btc-price-recovery-will-start-this-year/" target="_blank" rel="noopener noreferrer nofollow">Here’s When Bitcoin (BTC) Price Recovery Will Start This Year</a>
<h2 id="xrp-price-falls">XRP Price Falls</h2>
As of writing, XRP’s price dipped 1.36% over the past day to trade at $0.4888. The token’s 24-hour lows and highs are $0.4868 and $0.5013, respectively.
Coinglass data showcased a 0.90% dip in the token’s Futures OI, resting at $559 million. However, the derivatives volume saw a spike of 18.73% to $1.01 billion. This uncertainty in the derivatives market could potentially be driving XRP’s turbulent movement today.
Whereas, the RSI rested near 43, hinting at broader market neutrality for the asset.
Should bulls take control over the token in the coming days, a potential <a href="https://coingape.com/xrp-price-to-rally-1700-if-it-closes-at-this-level/" target="_blank" rel="noopener noreferrer nofollow">1700% upswing could lift XRP price</a>. Conversely, bears taking over could result in further dips.
Also Read: <a href="https://coingape.com/us-lawmakers-push-for-humanitarian-release-of-binance-exec-in-nigeria/" rel="noopener noreferrer nofollow">US Lawmakers Push for ‘Humanitarian Release’ of Binance Exec in Nigeria</a>
The post <a href="https://coingape.com/xrp-price-250m-xrp-transfer-via-ripple-sparks-speculation-whats-next/" rel="noopener noreferrer nofollow">XRP Price: 250M XRP Transfer Via Ripple Sparks Speculation, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Price: 250M XRP Transfer Via Ripple Sparks Speculation, What’s Next?

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