Massive XRP Transfer Hits Bithumb – Ripple Dump Incoming?

According to Whale Alert, a massive transaction of 390.87 million XRP tokens, valued at approximately $201.1 million, was transferred to the South Korean exchange Bithumb.

The sender’s address is associated with Bithumb and was activated more than four years ago. After the transaction, the sender’s wallet retained a minimal balance of 19.99 XRP, while the recipient’s wallet now holds a total of 553.17 million XRP.

XRP Price Breaks Out of Prolonged Consolidation

The chart analysis of XRP/USD reveals a significant technical development—the token is breaking out of a 5-year consolidation phase. A descending triangle pattern, with a series of higher lows and lower highs have characterized this prolonged period of sideways trading.

The price of Ripple’s token was among the worst-affected cryptocurrencies during the weekend market crash, dropping by 15% on a weekly scale. However, on April 15, XRP/USD is showing signs of recovery, crossing the $0.50 mark once again.

Looking at the technical indicators, the Relative Strength Index (RSI) for XRP is currently at 40.57. This suggests the token is trading in neutral territory. However, the RSI has been steadily climbing from its recent lows, signaling increasing bullish momentum.

Furthermore, the trading volume for XRP has also picked up in recent days, with the 24-hour trading volume reaching $2.29 billion. This increased trading activity lends credibility to the breakout and suggests that investors are actively participating in the recovery.

Ripple‘s Trading Activity Surges on Bithumb

Whale Alert reports that the sender’s address is linked to Bithumb and was activated over four years ago.

The massive XRP transfer has led to XRP becoming one of the top three most traded tokens on Bithumb. It accounted for 7.44% of the exchange’s total trading volume of $941 million. Only Bitcoin (BTC) and Tether (USDT) have higher trading volumes on Bithumb than XRP.

Final Pretrial Conference: A Potential Settlement?

The lengthy legal spat between Ripple and the United States Securities and Exchange Commission (SEC) is nearing its final chapter, with a grand trial scheduled for April 23. The lawsuit started in December 2020, when the regulator accused the company of illegally raising more than $1.3 billion in unregistered securities offerings by selling XRP tokens.

An essential development that will take place on April 16 is also worth noting. According to a recent announcement, Ripple and the SEC will have a Final Pretrial Conference in front of Judge Netburn. At this court hearing, a prosecutor and a defense attorney meet to discuss whether a lawsuit should go to trial or be resolved via a mutual agreement.

Notably, pro-XRP analysts have stressed the importance of the event. They claim that a settlement between Ripple and the SEC may follow it. In fact, the X user JackTheRippler even said the case “could end tomorrow.”

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