XRP price likely to reverse as 250 million tokens hit exchange wallets

    • XRP has been trading within a tight range since July 29 without significant proceedings in the ongoing SEC case.
    • A high volume of XRP inflow to exchanges observed in the past two days suggests bearish outlook.
    • Meanwhile, Jed McCaleb, former CTO of Ripple, continues offloading a significant number of tokens.

    XRP price chart is uneventful, mainly due to the indecisiveness in the SEC v. Ripple case. The overall altcoin market saw an extended rally, but traders have a bearish outlook on the sixth-largest cryptocurrency by market capitalization due to the stalled uptrend.

    250 million XRP transferred to Bitstamp

    Based on Whale Alert, 250 million XRP was transferred from an unknown wallet to Bitstamp on August 3, 2021, at 15:28 UTC. The transfer has sent warinign signals across the board since it could lead to a spike in selling pressure. Traders remain cautious given the increasing number of tokens now sitting on exchanges.

    Interestingly, Ripple Labs transferred 182.3 million XRP from its escrow account to former CTO Jed McCaleb’s wallet in a planned settlement. Though this is part of a routine for the distributed ledger firm, a total of 500 million XRP was unlocked from escrow, and it has raised flags in the crypto community. 

    Previously, significant unlocks were followed by a high inflow of tokens to crypto exchanges and a subsequent drop in XRP price. Given McCaleb history of selling XRP at big quatitiies, traders are concerned over a drop in the altcoin’s price. 

    XRP price noted a sudden uptrend following the SEC v. Ripple proceedings; however, the excitement was short-lived, and the price is rangebound yet again. 

    The altcoin’s price recently came close to retesting a high of $0.785, but it is now undergoing a correction. The downtrend is expected to prolonged since the unlocking of 500 million XRP may drive higher inflow to crypto exchanges and create further selling pressure.


    Related articles



    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...


    Subscribe to stay updated.