Ripple Moved 140.5M XRP! XRP Price Embarked On a Bullish Journey

12 June 2021

in XRP

Reading Time: 2 mins read

Whale Alert over the past 20 hours has made several tweets notifying the huge XRP transactions made by Ripple and other entities.

The blockchain data provider has reported that the Ripple blockchain service provider and a couple of prominent digital trading venues have made many large XRP transactions.

Transaction Breakdown

11.5M XRP Tokens were moved by Ripple to the BitGo Crypto Custody. It has recently been acquired by Mike Novogratz’s Galaxy Digital fund.

65M XRP tokens were moved between Coinbase’s wallets. Coinbase is the largest US based crypto exchange that is now listed on Nasdaq.

64 Million XRP tokens were transferred by Ripple’s ODL platform Bitstamp in Luxembourg.

What’s Up with XRP Price

The XRP Price after falling to $0.7850 recently, has picked up pace and is currently trading at $8.728. Indicators now suggest Xrp is set to have a bullish rally.

XRP soared from $0.8504 to $0.9076 after a quick spike and then jumped beyond the resistance to $0.9219 after some retracement. The rising price, combined with a positive market, suggested that XRP traders were eager to purchase the asset in anticipation of larger gains.

So currently XRP is still showing bearish signs, however if we get BTC breaking up then we can expect the same to happen to the rest of the market or at least the majority of it. We will watch what price action does as prices fall to the first zone where some liquidity is held, if its enough liquidity then we can see the push higher in prices happen from there however if we fail to break trend as a whole market then expect prices to fall towards the lower two zones.

As for Ripple’s lawsuit with the SEC, there has been no conclusion yet. This long stretched suit is said to be the reason holding XRP back from a great price rally.

Ripple Labs, its CEO Garlinghouse, and Co-founder Chris Larsen have been accused of trading unregistered security by US regulator agency SEC. The lawsuit has been in process for a long while now.

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