$600 Million Worth Of XRP Tokens Are On The Move, Where Are They Headed?

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The XRP community’sattention has been drawn to a $600 million transfer, which has sparked speculation about its potential impact on the altcoin’s price. The transfer notably originated from a Ripple wallet address, further fueling speculations that the crypto firm is dumping on retail investors.  $600 Million in XRP Tokens Moved by Ripple Spark Speculation

Whale Alert datashows that Ripple moved 200 million XRP ($610 million) from one of its wallets, sparking speculation that the crypto firm was looking to offload these coins. Moreover, the transfer comes as XRP struggles to hold abovethe psychological $3 level, suggesting that the altcoin may be facing significant selling pressure.  Related Reading $600 Million Worth Of XRP Tokens Are On The Move, Where Are They Headed? 9 hours ago

However, further on-chain data shows that Ripple simply moved these XRP tokensto another of its wallet addresses, suggesting that this was a routine operation rather than a move to offload these coins. An X user, XRP Liquidity, also clarifiedthat the transfer was made from the ‘Ripple 1’ address to ‘Ripple 50’, which the account stated is “queuing for ODL, ETPs, Trust, and other Investments.”

Another X user, Marc, also notedthat the Ripple 50 wallet primarily interacts with the Binance 11 wallet and holds tokenized treasuries, including Ondo Finance’s tokenized treasury fund (OUSG). The crypto firm mainly utilizes its XRP holdings to support its On-Demand Liquidity (ODL) service, facilitating cross-border transfers through its payment services. 

However, this latest transfer comes at a time when there is so much bearish sentiment among XRP community members. Popular community members, such as Crypto Bitlord, have consistently criticized Ripple and recently advised XRP holders to sell their tokens following Ripple’s CTO, David Schwartz’s, announcementthat he was resigning. Amid XRP’s struggles, the altcoin has now dropped in the crypto rankings by market cap, losing the number 3 spot to BNB.  A ‘Promising Buy Signal’ For XRP

On-chain analytics platform Santiment has describedthe current FUD in the XRP community as a promising buy signal for the altcoin. The platform stated that the altcoin is seeing its highest level of retail FUD since the Trump tariffswere announced 6 months ago. According to Santiment, there have been more bearish comments than bullish for two out of the past three days.  Source: Chart from Santiment on X

The platform claimed that this development is generally a promising buy signal, as markets move in the opposite direction of small trader expectations. As such, XRP could witness a significant price surge amid these bearish sentiments. The XRP ETFscould serve as one of the catalysts for this potential price surge, although a SEC decision is on hold until the U.S. government shutdown ends.  Related Reading XRP Short Squeeze: Analyst Reveals Available Trading Supply Could Fall To Bitcoin’s 21 Million 1 week ago

At the time of writing, the XRP price is trading $2.84, down over 4% in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $2.87 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com