SBI Moves $703 Million in XRP Ahead of Massive 1 Billion Token Unlock, Signalling Strategic Approach

Ripple’s long-standing partner SBI Holdings recently made a huge XRP transfer worth a whopping $703 million, driving speculation through the roof. On-chain metrics provider Whale Alert called out this development by revealing the transfer of 320 million XRP. This significant token movement happened before Ripple’s monthly release of 1 billion XRP from escrow. Therefore, speculations are high that SBI made a preemptive maneuver in anticipation that increased supply might suppress XRP’s price. XRP’s Stagnation Intensifies XRP’s price has been range-bound for a couple of weeks, with the 4th-largest cryptocurrency based on market capitalization finding itself in the $2.10 and $2.20 zone. Nevertheless, market analyst Lingrid believes that all hope is not lost because as long as XRP continues to hold the $2.00 base, the altcoin might witness a breakout to the $2.45 area. Source: Lingrid She added, “XRP is gradually rising inside a broad channel structure, approaching the descending resistance line after a series of bullish triangle formations. Momentum has shifted upward following repeated bounces from the lower support line, creating a stair-step climb. Buyers are accumulating pressure just under resistance with a potential spike imminent.” Meanwhile, a crypto strategist known for accurately predicting the mega XRP price eruption in the fourth quarter of 2024 says that the Ripple-affiliated crypto may be on the verge of igniting another parabolic surge. The pseudonymous analyst DonAlt stipulated that XRP might be gearing up for “Round 2” of its bullish run . As a wait-and-see approach engulfs XRP, the altcoin is currently trading at $2.22.