Tesla's Potential Bitcoin Dump Impact on XRP Price?
- DDDOriginal
- 2024-10-16 21:52:16848browse
XRP price has been caught in a tight trading range over the past two weeks, fluctuating between $0.55 and $0.52. The price has been largely influenced
Tesla’s recent transfer of its Bitcoin holdings to seven unknown wallets has raised questions among the crypto community. While the company’s intentions remain unclear, all eyes are on whether this move will lead to a sale.
The electric car maker distributed 11,500 BTC, valued at approximately $769 million at the time of transfer, across seven wallets. This marks the first time that Tesla has shifted any of its BTC holdings since acquiring the asset in early 2021.
According to on-chain data, the company’s seven wallets now hold varying amounts of BTC, ranging from 1,000 to 2,500 coins. Six wallets received BTC from Tesla, while the seventh wallet, which had previously contained 1,000 coins, sent out the same amount to an external address.
The company’s total BTC holdings now stand at 190,500 coins, valued at over $12.5 billion at current prices. This vast sum of BTC, if liquidated, could have a substantial impact on the crypto market.
While Tesla has not yet provided an official statement regarding its intentions for these BTC holdings, the company’s Q3 earnings report, scheduled for October 23, may shed some light on the matter.
Meanwhile, XRP’s price has been largely influenced by ongoing developments in the SEC v. Ripple lawsuit, which continues to keep investors on edge.
However, a new wave of market uncertainty has emerged with Tesla’s reported BTC transfer. This move has sparked speculation about a potential sell-off, which could create ripple effects across the crypto market, impacting not just Bitcoin but also altcoins like XRP.
The price of Ripple has dropped by 0.7% in the last 24 hours and is trading at $0.54 at the time of writing. With volatility on the horizon, the question remains: can XRP withstand the pressure if Tesla decides to liquidate its BTC holdings?
Tesla’s Potential Bitcoin Dump Impact on XRP Price
Tesla’s recent transfer of its Bitcoin holdings to seven unknown wallets has raised questions among the crypto community. While the company’s intentions remain unclear, all eyes are on whether this move will lead to a sale.
The electric car maker distributed 11,500 BTC, valued at approximately $769 million at the time of transfer, across seven wallets. This marks the first time that Tesla has shifted any of its BTC holdings since acquiring the asset in early 2021.
According to on-chain data, company’s seven wallets now hold varying amounts of BTC, ranging from 1,000 to 2,500 coins. Six wallets received BTC from Tesla, while the seventh wallet, which had previously contained 1,000 coins, sent out the same amount to an external address.
The company’s total BTC holdings now stand at 190,500 coins, valued at over $12.5 billion at current prices. This vast sum of BTC, if liquidated, could have a substantial impact on the crypto market.
While Tesla has not yet provided an official statement regarding its intentions for these BTC holdings, the company’s Q3 earnings report, scheduled for October 23, may shed some light on the matter.
Meanwhile, XRP’s price has been moving sideways for most of “Uptober.” It is currently retracing after gaining 5% between October 13 and 14. The overall crypto market has dropped by 0.4%, likely influenced by the fear, uncertainty, and doubt (FUD) surrounding Tesla’s Bitcoin transfer.
Despite this, the general market sentiment remains bullish, with the Bitcoin Fear and Greed Index rising from 65 to 73 in just one day. Such optimism could benefit the XRP price if Tesla does decide to offload its Bitcoin holdings.
Ripple Price If Tesla Sells $769M BTC
The price of Ripple is currently at a risky spot due to negative market conditions. The asset has been trending inside a rising channel since April 2022. Rising channels are generally bullish patterns but also have a chance of breaking out to the downside.
Germany’s decision to unload roughly $3 billion in seized Bitcoin likely drove BTC’s price down from approximately $65,000 to $55,800 in early July. If $769 million worth of the asset is dumped, the price could drop an estimated 3.81%, bringing BTC down to $64,619.
However, the ensuing panic in the market would cause losses more dramatic than the ones calculated here. Psychological stop-loss zones on the XRP price chart would cause sell pressure to increase until the price reaches these points.
XRP Price Analysis: Can Ripple Survive The Tesla BTC Dump?
For instance, the XRP chart below shows the
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