Ripple (XRP) price succumbed to a 5% correction from its recent peak of $0.61 over the weekend, falling as low as $0.57 in the early hours Monday, Sept 23
Ripple Co-Founder, Chris Larsen transferred 50 million XRP from his personal wallet, sparking widespread discussion within the crypto community.
The near-term outlook for XRP remains cautiously bearish, with traders closely watching the $0.5575 support level to determine the next move.
Ripple (XRP) Price Analysis:
XRP price succumbed to a 5% correction from its recent peak of $0.61 over the weekend, falling as low as $0.57 in the early hours Monday, Sept 23. On-chain data trends have linked the XRP price correction to an unusual transaction from a wallet linked to Ripple Co-Founder, Chris Larsen.
What are XRPâs chances at a $0.65 rebound in the week ahead?
XRP price retraces 5% on Ripple Founderâs Sell-Off
On Saturday, Sept 21, XRP price reached a new monthly time frame peak of $0.61, propelled by bullish tailwinds from the US Fedâs 50bps rate cut.
However, recent XRPâs upward momentum could be disrupted by recent internal events surrounding Ripple founderâs transactions and SECâs ongoing efforts to file an appeal in the recently concluded lawsuit.
Once the US Fed announced the rate cut on Sept 18, XRP price rose rapidly by 9.2% within the next 72-hours. The green patch in the chart above depicts hows XRP price rose from $0.58 on Wednesday to hit $0.61 on Sept 21, its highest in over 25-days dating back to August 25.
But rather than advance towards the $0.65 level and many market indicators hand hinted, XRP price has slipped into a correction phase over the weekend. At the time of writing on Sept 22, XRP has dropped as low as $0.57 down 5.6% from the recent local top.
Ripple Co-Founder Spotted Selling XRP Worth $30M
When a high-impact asset like XRP experiences a sharp decline amidst a broader market rally, it often points to underlying bearish signals. Analyzing recent on-chain data, XRPâs current correction appears tied to an unusual transaction traced to a wallet associated with Rippleâs co-founder, Chris Larsen.
On September 17, prominent blockchain tracker WhaleAlert notified its 2.4 million followers of a cryptic movement of XRP linked to Larsen.
Raising eyebrows, Ripple Co-Founder, Chris Larsen transferred 50 million XRP from his personal wallet, sparking widespread discussion within the crypto community. Days later, the same wallet initiated four additional transfers totaling 20 million XRP.#GrayscaleXRPTrust
