Ripple has stirred discussions across the crypto community following its recent large transaction involving the transfer of 60,000,000 XRP in one go.
The transfer, which was spotted by blockchain tracking platform Whale Alert, has become concerning as XRP has followed with a sharp price drop, retesting its multi-month low.
Ripple sparks debate
According to data provided by the source, Ripple moved a total of 60 million XRP, worth over $79 million, to an unknown wallet, sparking debates about the motive behind the move.
The mysterious transfer later became more concerning to traders after XRP followed with a sudden price dip, plunging below its key support around $1.30.
While Ripple did not state the reason behind the transfer, some market participants speculate that the move is associated with plans to fund Binance, while others claim the move is bullish.
Nonetheless, the sharp decrease in the price of XRP has had traders wondering if there is a Ripple-impact in the sudden negative price action.
XRP retests 2024 lows
While the XRP community has had their eyes fixed on a $2 recovery target for XRP following the latest price rally seen earlier this month, the asset has decreased its odds of achieving this level.
After remaining steady in the red territory since the past week, XRP has further plummeted, losing its key support at $1.3 for the first time in nearly two months.
Earlier today, XRP saw its price retest $1.26; this marks the lowest price seen since November 2024. As of the time of writing, the asset is trading at $1.28, a decrease of 3.24% over the last 24 hours.
Dan Burgin
