XRP investors are expressing growing concerns as Ripple completes another significant transfer of 150 million XRP from its reserves, resulting in a 6% drop in price.
Over the past 24 hours, a total of 410,239,560 XRP ($213 million) has been moved to and from various exchanges including Ripple, Binance, Coincheck, Bitstamp, and Bitso.
Ripple Labs has once again captured attention by transferring a massive 150 million XRP ($78 million) from its reserves, sparking worry among investors. This move follows a similar initiative on June 1, where 1 billion XRP was released from its initial distribution. Subsequently, 200 million XRP ($104.1 million) was sent to Ripple’s treasury account (Ripple 1) from the Ripple 24 wallet.
On the same day, an additional 200 million XRP was transferred from the dormant wallet (Ripple 35) to the Ripple 1 account, bringing the total to 400 million XRP. Reports indicate that Ripple currently holds a reserve of 250 million XRP.
The recent transfer of 150 million XRP to an external destination hints at a cashout transaction, with more outbound XRP transfers expected from unidentified wallets in the coming days.
In addition to Ripple, other significant XRP transfers are taking place. A Binance wallet transferred 26,284,136 XRP ($13.75 million) to an unknown wallet on June 7, following reports that 218 coins had been moved within 24 hours.
Furthermore, substantial XRP movements have been observed on other exchanges such as Coincheck, Bitstamp, and Bitso, with a total of 410,239,560 XRP ($213 million) being transferred in the last 24 hours.
Analysts suggest that Ripple’s intentional release of XRP is a strategic move to create supply pressure on the spot market, impacting the token’s price. Despite facing a bearish phase, analysts remain optimistic about XRP’s potential to break out of a multi-year symmetrical triangle pattern.
Some analysts predict a significant surge in XRP’s value, with expectations of a breakout similar to the one experienced in 2017, which saw a surge of 61,150%. Ripple CEO Brad Garlinghouse even anticipates XRP reaching $10 this year, as he forecasts the crypto market cap to hit $5 trillion.
As of now, XRP is trading at $0.49, showing a 6% decline in the last 24 hours and a 21% decrease year-to-date.