The XRP market is buzzing with activity, fueled by a combination of on-chain whale movements, bullish price action, and ongoing speculation surrounding a potential settlement in the Ripple vs. SEC lawsuit. Today, July 17th, saw a staggering 195 million XRP tokens transferred on exchanges, with 150 million originating from Ripple itself. This significant movement has ignited discussions across the crypto sphere, coinciding with a strong XRP price rally.
On-Chain Activity Paints a Bullish Picture
Examining XRP’s current on-chain metrics reveals a clear sign of increased activity. Notably, a massive 150 million XRP, valued at roughly $87.49 million, was transferred from a Ripple address (rP4X2) to an unknown destination. This transaction, reminiscent of previous large XRP movements from the same address recently reported, has sparked speculation about Ripple’s potential strategy. Some believe Ripple might be capitalizing on the ongoing bull run by strategically moving its holdings.
Adding another layer of intrigue, Whale Alert identified a separate transaction involving a well-known whale address, “..Rzn,” transferring 45.07 million XRP to cryptocurrency exchanges Bitstamp and Bitso.
XRP Price Soars as Investor Sentiment Strengthens
Coinciding with the on-chain activity, the price of XRP has surged significantly. CoinMarketCap data shows a 39% increase in weekly gains for the token. This uptick comes amidst growing anticipation of a resolution in the Ripple-SEC lawsuit. Pro-Ripple attorneys Bill Morgan and Fred Rispoli have expressed their belief that a final judgment could be reached within the remedies briefing deadline, potentially by the end of July or early August.
Further bolstering the bullish sentiment, Coinglass data reveals a 20.23% surge in XRP’s futures Open Interest (OI) to $818.02 million. Additionally, a 55.62% increase in derivatives volume underlines growing investor interest in the asset. However, the token’s RSI currently sits at 76, nearing overbought territory, suggesting a potential price correction in the near future.
Also Read: XRP Price Eyes Breakout: Daily Active Addresses Up Despite 46% Volume Drop
Crucial Resistance Level Breached
A key technical development emerged today as XRP successfully breached its resistance level of $0.60. Maintaining this level will be crucial for further price gains, particularly as the Ripple-SEC lawsuit continues to unfold.
With on-chain activity suggesting strategic maneuvers, a surging price, and a potential SEC settlement on the horizon, the XRP market is undeniably in a state of heightened activity. Whether these developments translate to sustained growth for XRP remains to be seen, but one thing is clear: XRP is back in the spotlight.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
