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How Did 62 Million XRP Whale Transfer Affect the Price?

XRP has been caught up in a lawsuit with the SEC, but a recent 62 million token transfer may help the Ripple coin survive.

XRP Ripple

One whale investor moved 62 million XRP tokens into their account over the course of a few transfers. $15.82 million dollars was transferred initially, which included about 31.4 million XRP tokens. That was followed up by a second transfer of $15.4 million worth of XRP tokens.

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While this is a major win for Ripple and its XRP coin, the price of XRP has been for several days. The coin dropped 16.67% over the last week but managed to gain 0.85% today.

What XRP could really benefit from now is a win in court, but that lawsuit is still ongoing and affecting the reputation of XRP and its perceived value with the public.

XRP Outlook for the Short Term

XRP is on the rise, but it has not experienced a significant boost. Its trade volume is up by 36% over the last 24 hours, with the coin looking ready to break out. What would help it do that is if Bitcoin started to surge on the back of its halving, which is happening today according to most estimates.

XRP did drop off sharply today, falling as low as $0.4696 (XRP/USD), and then it climbed quickly afterwards up to $0.5048. The coin looks to have stabilized now and is heading upward, but its recent bearish movement has investors worried.

High inflation rates are not helping XRP or the rest of the crypto market at this time, and there are ongoing concerns that the market will crash soon as a result of continually increasing inflation. At the very least, higher than expected inflation is making it difficult for crypto tokens like XRP to break above the current resistance levels and make any progress toward a new, higher level.

 

 

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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