XRP price likely to reverse as 250 million tokens hit exchan

XRP price likely to reverse as 250 million tokens hit exchange wallets


8/4/2021 8:49:51 AM GMT
XRP has been trading within a tight range since July 29 w
ithout significant proceedings in the ongoing SEC case.
A high volume of XRP inflow to exchanges observed in the past two days suggests bearish outlook.
Meanwhile, Jed McCaleb, former CTO of Ripple, continues offloading a significant number of tokens.
XRP price chart is uneventful, mainly due to the indecisiveness in the SEC v. Ripple case. The overall altcoin market saw an extended rally, but traders have a bearish outlook on the sixth-largest cryptocurrency by market capitalization due to the stalled uptrend.
250 million XRP transferred to Bitstamp
Based on Whale Alert, 250 million XRP was transferred from an unknown wallet to Bitstamp on August 3, 2021, at 15:28 UTC. The transfer has sent warinign signals across the board since it could lead to a spike in selling pressure. Traders remain cautious given the increasing number of tokens now sitting on exchanges.

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