The recent transfer of XRP worth over $100 million has drawn attention from investors and analysts discussing its potential impact on the market.
XRP Transfer and its Connection to Ripple
The transfer of $100,774,102 in XRP, which includes a movement of 35 million XRP, has become a topic of discussion. According to XRPWallets, this transaction is not merely a transfer between holders but a structured operation ultimately pointing to the activities of Ripple. The transfer was split into two routes: about 10 million XRP moved in one direction while the bulk was routed through a Ripple-affiliated wallet before nearly 30 million XRP ended up in a destination already linked to Ripple’s On-Demand Liquidity network.
Current Market Situation and Support for XRP
While XRP faces market pressure, its price has dropped by 7.82% over the past week, falling from above $3.40 to about $2.84. The support level around $2.80 is significant; holding above this level could create recovery opportunities towards the $3.20 - $3.40 range. A clear break below this could drag the price back to the $2.40 - $2.50 where the July rally started.
Analysis and Future Predictions
According to analyst Ali, XRP has just triggered a bullish TD Sequential signal. After a sharp decline from recent highs, the indicator has flipped to a nine-count buy setup near $2.86. This suggests that selling pressure could be fading, giving XRP a chance to stabilize in the short term.
The $100 million XRP transfer has once again brought Ripple’s activities into focus. With the tokens heading into On-Demand Liquidity wallets, the market is left to weigh whether this signals stability ahead or further volatility.
