Ripple’s long-standing partner SBI Holdings recently made a huge XRP transfer worth a whopping $703 million, driving speculation through the roof.
On-chain metrics provider Whale Alert called out this development by revealing the transfer of 320 million XRP.
This significant token movement happened before Ripple’s monthly release of 1 billion XRP from escrow.
Therefore, speculations are high that SBI made a preemptive maneuver in anticipation that increased supply might suppress XRP’s price.
XRP’s Stagnation Intensifies
XRP’s price has been range-bound for a couple of weeks, with the 4th-largest cryptocurrency based on market capitalization finding itself in the $2.10 and $2.20 zone.
Nevertheless, market analyst Lingrid believes that all hope is not lost because as long as XRP continues to hold the $2.00 base, the altcoin might witness a breakout to the $2.45 area.
She added, “XRP is gradually rising inside a broad channel structure, approaching the descending resistance line after a series of bullish triangle formations. Momentum has shifted upward following repeated bounces from the lower support line, creating a stair-step climb. Buyers are accumulating pressure just under resistance with a potential spike imminent.”
Meanwhile, a crypto strategist known for accurately predicting the mega XRP price eruption in the fourth quarter of 2024 says that the Ripple-affiliated crypto may be on the verge of igniting another parabolic surge.
The pseudonymous analyst DonAlt stipulated that XRP might be gearing up for “Round 2” of its bullish run.
As a wait-and-see approach engulfs XRP, the altcoin is currently trading at $2.22.
