Ripple Faces Market Pressure as XRP Whale Transfers 31 Million Coins

• A transfer of 31 million XRP raises concerns about potential market sell-off pressure.
• Analysts predict a breakout above $0.58 could lead XRP to $1.50 or higher.
• Grayscale’s XRP ETF application receives SEC acknowledgment, fueling institutional interest. 

Following a huge transfer of 31.1 million XRP tokens, valued at approximately $15.8 million, has raised alarms within the cryptocurrency community. The transaction, originating from an unidentified wallet to the exchange Bitso, coincides with ongoing legal challenges between Ripple and the U.S. Securities and Exchange Commission (SEC).

The blockchain tracking service Whale Alert flagged the large transfer. The influx of such a substantial amount of XRP into an exchange wallet often indicates a looming sale, which can negatively impact XRP’s price. 

Additionally, this transfer comes in the wake of a recent court order directing Ripple Labs and its CEO Brad Garlinghouse, to explore alternative resolutions before the case progresses further. Ripple has sought a final judgment regarding class-action claims tied to securities law violations.

Amid these developments, crypto analyst Egrag Crypto provided a bullish outlook for XRP on social media platform X. He noted a symmetrical triangle pattern forming in XRP’s price chart, suggesting potential volatility as the price narrows towards a breakout point. 

Egrag Crypto indicated that a successful breakout above the $0.58 mark could trigger a rally, with the next resistance target set at $1.50. Furthermore, he speculated that XRP could rise as high as $7.50, reflecting a potential increase of 1,347% from current levels.

In parallel with these market movements, Grayscale has garnered attention for its XRP-focused exchange-traded fund (ETF) application. The SEC has officially acknowledged Grayscale’s request to convert its Digital Large Cap Fund into an ETF that includes XRP, Bitcoin, Ethereum, and other major cryptocurrencies.

This move could provide institutional investors with regulated access to XRP, further influencing market dynamics if approved.

Grayscale’s application follows similar submissions from Bitwise and Canary Capital, intensifying speculation regarding the future of XRP within regulated markets. Ripple CEO Brad Garlinghouse has maintained a positive outlook on the inevitability of an XRP ETF, particularly in light of the SEC’s recent approvals for Bitcoin and Ethereum ETFs. 

The crypto market remains uncertain as these developments unfold, with XRP’s price stability near the $0.50 support level becoming increasingly critical amid heightened trading activity and legal scrutiny.