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A significant transfer of 31.1 million XRP, valued at $15.8 million, occurred from an unknown wallet to the crypto exchange Bitso. This transaction coincided with crucial developments in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Uncertain Times for Ripple
The blockchain monitoring platform Whale Alert reported this remarkable transfer. The large volume of XRP directed to an exchange wallet is typically interpreted as a signal for potential market sell-off. Such transactions may exert downward pressure on XRP’s price.
The transfer occurred after a significant ruling involving Ripple 
$0.007131 Labs and CEO Brad Garlinghouse. A U.S. judge suggested that the parties should consider a possible “alternative resolution” before the case proceeds further. Ripple has filed for a final decision on class-action claims.
Market Expectations
Crypto analyst Egrag Crypto predicts a potential rise in XRP’s price. According to him, the symmetrical triangle formation in XRP’s price chart indicates the price is heading towards a breakout point. He suggests that if XRP surpasses $0.5930, it could pave the way for a significant increase.
The analyst believes that surpassing this level could lead XRP to surge up to $1.5000, representing a potential increase of 1,347% from current levels.
News from Grayscale and the SEC
The U.S. SEC has accepted Grayscale’s application to convert its Digital Large Cap Fund (GDLC) to an ETF. This ETF will provide investment opportunities in major cryptocurrencies, including Ripple’s token, Bitcoin 
$0.000041, and Ethereum 
$0.000165.
If Grayscale lists XRP in its ETF application and gains SEC approval, it could grant institutional investors regulated access to XRP. Ripple CEO Brad Garlinghouse believes that the approval of Bitcoin and Ethereum ETFs could lead to the approval of an XRP ETF as well.
Support Levels and Technical Outlook for Price
Currently, XRP trades around the support line of approximately $0.50. The recent whale movement has raised concerns about potential volatility. Technical analysis indicates that XRP is forming an inverse head-and-shoulders pattern on the 4-hour chart, which is typically considered a bullish signal.
If XRP remains above $0.50 and surpasses $0.58, it may signal a trend reversal. Meanwhile, the Chaikin Money Flow (CMF) indicator is currently at a neutral level, and the Relative Strength Index (RSI) is nearing the oversold zone. Increased buying interest is crucial for XRP to achieve a sustainable recovery.
Given the legal uncertainties and whale activities, it is important to monitor potential price fluctuations in XRP.
