- 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.
500,000,000 #XRP (379,279,239 USD) transferred from Ripple Escrow wallet to unknown wallethttps://t.co/A54w5JFBrd
— Whale Alert (@whale_alert) August 1, 2021
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.