Ripple transferred 130 million XRP to multiple wallets, sparking concerns about a further drop in XRP price. Moreover, traders anticipate renewed tariff concerns to keep the crypto market in consolidation until there is more clarity on market direction.
On-chain tracker Whale Alert on June 2 reported significant XRP transfers from Ripple to three unknown wallets. The Ripple-linked wallet “Mb3PEv” transferred a total of 130 million XRP worth over $283 million.
The first transfer worth $109 million XRP happened from Ripple to the wallet “DJoAys.” Moreover, it is followed by two more transfers of 40 million XRP worth $87.32 million to two different unknown wallets. The transfers occurred after monthly XRP unlocks from escrow.
Interestingly, the on-chain transaction history showed similar transfers from the Ripple wallet to these unknown wallets in December. Moreover, one of the wallets is likely linked to Ripple chairman Chris Larsen.
Will XRP Price Fall to $2?
Despite the bullishness in the community, the XRP price continues to tumble since mid-May. XRP ETF approval odds, inclusion of XRP in the US strategic reserve, and companies buying XRP as a reserve asset were among the factors behind the bullish sentiment.
The XRP price currently trades at $2.17, moving sideways over the past 24 hours. The 24-hour low and high are $2.13 and $2.19, respectively. Furthermore, the trading volume has increased just 4% in the last 24 hours, indicating a muted interest among traders amid tariff concerns.
The XRP price has formed a ‘death cross’ pattern in the daily timeframe. This forms when the 50-SMA (blue) crosses below the 200-SMA (red), indicating a weakening market trend. Other indicators, including Bollinger bands and exponential moving average (not shown here), also hinted at a likely fall in prices.
Moreover, RSI is at 40 and continues to move near the oversold zone. However, traders may buy the dip if the market condition improves after tariff fears fade.
The XRP price rise was driven mainly by leveraged positions, signaling increased risk in the market. “This could eventually present a good shorting opportunity, provided it’s carefully managed,” as per CryptoQuant.
Also Read: Solana Price Prediction June 2025: Will SOL Plunge to $127?
