Welcome to CoinFeedPro
Latest crypto news from key platforms. All
in one place.
$600 Million Worth Of XRP Tokens Are On The Move, Where Are They Headed?
The XRP communityâs attention has been drawn to a $600 million transfer, which has sparked speculation about its potential impact on the altcoinâs 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 data shows 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 above the psychological $3 level, suggesting that the altcoin may be facing significant selling pressure. Related Reading: Analyst Says XRP Price Target Of $27 Still Holds â âThe Ride Has Just Begunâ However, further on-chain data shows that Ripple simply moved these XRP tokens to 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 clarified that the transfer was made from the âRipple 1â address to âRipple 50â, which the account stated is âqueuing for ODL, ETPs, Trust, and other Investments.â Another X user, Marc, also noted that the Ripple 50 wallet primarily interacts with the Binance 11 wallet and holds tokenized treasuries, including Ondo Financeâs 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 Rippleâs CTO, David Schwartzâs, announcement that he was resigning. Amid XRPâs struggles, the altcoin has now dropped in the crypto rankings by market cap, losing the number 3 spot to BNB. A âPromising Buy Signalâ For XRP On-chain analytics platform Santiment has described the 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 tariffs were announced 6 months ago. According to Santiment, there have been more bearish comments than bullish for two out of the past three days. 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 ETFs could 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 Bitcoinâs 21 Million At the time of writing, the XRP price is trading $2.84, down over 4% in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com
$600 Million Worth Of XRP Tokens Are On The Move, Where Are They Headed?
The XRP communityâs attention has been drawn to a $600 million transfer, which has sparked speculation about its potential impact on the altcoinâs 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 data shows 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 above the psychological $3 level, suggesting that the altcoin may be facing significant selling pressure. Related Reading: Analyst Says XRP Price Target Of $27 Still Holds â âThe Ride Has Just Begunâ However, further on-chain data shows that Ripple simply moved these XRP tokens to 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 clarified that the transfer was made from the âRipple 1â address to âRipple 50â, which the account stated is âqueuing for ODL, ETPs, Trust, and other Investments.â Another X user, Marc, also noted that the Ripple 50 wallet primarily interacts with the Binance 11 wallet and holds tokenized treasuries, including Ondo Financeâs 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 Rippleâs CTO, David Schwartzâs, announcement that he was resigning. Amid XRPâs struggles, the altcoin has now dropped in the crypto rankings by market cap, losing the number 3 spot to BNB. A âPromising Buy Signalâ For XRP On-chain analytics platform Santiment has described the 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 tariffs were announced 6 months ago. According to Santiment, there have been more bearish comments than bullish for two out of the past three days. 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 ETFs could 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 Bitcoinâs 21 Million At the time of writing, the XRP price is trading $2.84, down over 4% in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com