Ripple Moves $1.1 Billion XRP

The crypto firm moved over $1.1 billion XRP on May 1, leading to crypto community members questioning what could be going on with the crypto firm.

The crypto firm had a busy day on May 1, moving over $1.1 billion XRP in minutes. At press time, the price of XRP was $1.98, having dropped by 0.40% over the past hour.

Ripple's Latest XRP Transfer

Whale Alert data showed that Ripple moved around 500 million XRP at once for a total of $1.1 billion. These coins were moved from the firm’s internal wallets and not to external wallets.

Further data revealed that these coins were simply part of the monthly escrow unlocks, which the crypto firm usually receives on the first of every month. However, as has become a custom, Ripple relocked some of these coins following the token unlocks.

The company first relocked 500 million XRP coins and then proceeded to relock 170 million and 30 million coins in two other transactions. That means that the firm put aside a total of 700 million coins out of the 1 billion coins that it received as part of the May escrow unlock.

This development comes following reports that Brad Garlinghouse’s firm offered to purchase USDC stablecoin issuer Circle for $4 to $5 billion. However, the stablecoin issuer rejected this offer because it was too low.

The company already has its RLUSD stablecoin, which recently surpassed the $300 million market cap milestone. The potential move to acquire Circle would have helped Ripple gain more market share in the stablecoin industry.

XRP Price Begins May With A Critical Back Test

Amid Ripple’s transfers, crypto analyst CasiTrades noted that May has begun with a critical back-test for the XRP price. She further remarked that the altcoin is coming right up against one of the most structural levels on the chart, which is the $2.25 price level.

The analyst stated that XRP has begun forming subwaves down after failing to hold above that price level. She indicated that a subwave B move has already occurred and that market participants are likely to see a C wave move toward $2.

CasiTrades stated that if the final leg plays out with momentum, there is a strong chance that XRP wicks down to $1.90. This is a level that the altcoin hasn’t retested since it broke out earlier this year. This level also aligns with the .5 major support and .618 retracement of the entire rally off the correction lows.

She also revealed that the XRP price’s Relative Strength Index (RSI) is flashing exhaustion on the lower timeframes, which suggests that this price correction won’t last for long. In line with this, she asserted that all signs point to one final flush before the structure is ready to launch higher.

The crypto analyst also assured that the bigger picture remains unchanged for Ripple’s native crypto. She remarked that this may be the final touch of support before the XRP price flips $2.25 and rallies to new highs. CasiTrades claimed that the targets remain $2.68, $3, and beyond once the altcoin breaks out cleanly.

News data source: kdj.com

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