XRP Price Nears $2.00 as Ripple Moves $283M Worth Tokens

Ripple XRP/USD shed 7.35% of its value in a week, and 1.56% in a month. It is currently trading at $2.17, up 1.10% in the previous day. XRP's token action comes amid a $283 million XRP transfer.

According to Whale Alert, Ripple moved 130 million XRP, worth over $283 million, to several unknown addresses. The transactions came after monthly escrow unlocks and were made in three parts, with the largest single transfer amounting to 109 million XRP. The transfers are not unusual, but the timing of the transfers is creating speculation. Some believe the recipient wallets could be associated with Ripple co-founder, Chris Larsen, as he conducted similar transfers in previous months.

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XRP is narrowly avoiding a “death cross,” as the 50-day moving average dips below the 200-day average. If it occurs, such a setup will typically be followed by more downside action. XRP is just above the critical support at $2.12, and it could fall to $2 if the selling pressure continues.

Trading activity slowed down as spot market volume fell by up to 37% in a day, and derivatives trading dropped. The decrease in momentum indicates that traders are uncertain of XRP’s near-term direction, and are waiting on the sidelines.

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Coinbase Global Inc COIN announced that XRP futures and Solana SOL/USD futures will be available to U.S. investors with 24/7 trading from June 13. It comes after the launch of CFTC-regulated XRP futures in April, which made XRP one of the most liquid tokens in the cryptocurrency space.

Ault Capital Group shared that it would introduce an institutional Ripple lending platform this year. It will provide asset-backed, futures-hedged loans to listed companies and offer up to $10 million worth of XRP-based support to operations. Contracts will be tracked on-chain, on the XRP Ledger, and will be accompanied by CME Group Inc CME futures for managing volatility.

According to the Fibonacci channel, past instances of XRP found firm support at the lower end before starting large rallies. XRP is testing a similar support zone. If history repeats, Ripple can get another bullish breakout. The RSI is on the verge of oversold territory at 40.82, and MACD readings show bearish pressure but no collapse.

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