- Ripple transferred $117.6 million worth of XRP.
- Positive market sentiment persists despite the monthly decline.
Ripple [XRP] has experienced challenging months amidst legal battles. With the clouds of possible SEC appeal of the previous case, Ripple has been in defensive mode. Amidst this, Ripple has made massive XRP transfers.
Ripple transfers $117.6 million XRP
According to the on-chain transaction tracker Whale Alert, Ripple has transferred 200 million XRP tokens.
Source: Whale Alert
This transfer is worth about $117.6 million based on press time market rates. The report indicated that the transfer was made to an unknown wallet associated with the company.
A week ago, Ripple made another huge transfer to the same wallet thus strengthening the debates over the links between the firm and the wallet.
Although the reason for the transfer remains unclear, it has triggered massive discussion among the XRP community. The timing has caught the market’s attention, especially over the increased concerns of a potential appeal by the SEC.
Impact on chart?
Amidst these transfers and market speculation, XRP has struggled with a strong downtrend. In fact, as of this writing, XRP was trading at $0.5852. This marked a 1.13% decline over the past day.
Also, over the past month, the altcoin has declined by 3.42%. After hitting a monthly low of $0.50 on 6th September, XRP reached a high of $0.61 3 days ago before it declined by 4.92%.
Source: Santiment
Despite the recent decline, market sentiment remains positive. For example, XRP’s funding rate aggregated by exchange has been positive over the past week. This suggests that long position holders are paying short position holders.
Thus, the long position traders expect the price to rise and are willing to pay a fee to hold their positions. This is a bullish signal.
Source: Coinglass
Additionally, the altcoins’ OI-weighted funding rate has been positive for the last 2 weeks. This further shows there’s a higher demand for long positions than short positions. This implies investors are optimistic and expect prices to rise in the near future.
Realistic or not, here’s XRP’s market cap in BTC’s terms
Therefore, although, XRP has declined and Ripple has made a huge transfer, the market sentiment remains positive. If the positive market sentiments holds, the altcoin will reclaim $0.61 resistance.
Consequently, if the bears overtake the market and prices decline further, it will drop to $0.56.
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