Recently, the XRP community was abuzz over a mysterious transaction in which an unknown wallet transferred 20 million XPs (valued at $12.2m) to Bybit exchange–the largest such transfer since October of last year. This major and secretive move has led to wild market speculation, with analysts and crypto fans alike asking why.
The impact of the XRP transaction in the market
This huge transaction is being carefully scrutinized by the analysts, who are watching closely for effects on how XRP behaves in trading. These massive transfers tend to raise the specter of market manipulation, and all the more so when anonymity cloaks their origins. Many observers look forward to seeing how this could impact XRP and, by extension the cryptocurrency market as a whole.
XRP’s Current Market Standing
For the past month, Ripple’s price trajectory has been fairly subdued, edging up by 0.42%. With a current worth of $0.6159, the token has dipped by 0.46 % over the past day in step with struggles seen across crypto land. But XRP struggles to generate momentum, trailing behind its peers.
Its market cap and 24-hour trading volume have also plunged, down by 0.89% and 38.64%, respectively. This suggests waning investor interest. If XRP can clear $0.6258, then get past the important resistance level of $ 0.65 it might attract new buyers and send price higher.
The delisting by Binance has had no impact on the price of XRP
On December 29th, Binance is scheduled to delist several spot trading pairs associated with the British Pound (GBP), including XRP. This shift brings another factor into play within the already turbulent crypto universe, a point which reminds us all of the need to remain on our guard in deciphering such market turns.
An ongoing legal case still casts a long shadow over Ripple (XRP), impacting its market position.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.