$25 Million XRP Sent to Exchanges, Correction Incoming?

Also Read: XRP Avoids Extreme Bearish Cross Buildout: Can Ripple Breach $1 Now?

Ripple’s XRP token is struggling to rally. The asset has fallen 7.2% in seven days, 5.6% in the 14-day charts, and 3.6% over the last month. XRP’s current resistance levels are at around $0.50.

Will Ripple’s XRP face a correction?

The transfer of assets from a wallet to an exchange raises a few eyebrows as it increases the chance of them being sold. If $25 million tokens are sold, it may negatively impact XRP’s price.

Also Read: XRP Won’t Rally Until This Happens: Ex-Director Explains

Ripple’s ongoing lawsuit with the US SEC is the most significant barrier to XRP’s price. Former Ripple director Sean McBride also said that XRP’s price won’t move until a verdict is announced in the lawsuit. A US district court ruled somewhat in favor of Ripple last year, leading to a rally. However, prices quickly corrected themselves. If the high court rules similarly to the district court, XRP may witness a sudden surge in price and adoption.

CoinCodex expects XRP to rally 35% to $0.65 on Monday, June 17, 2024.

Nonetheless, CoinCodex data shows that prices may not remain at $0.65. According to the platform, XRP will undergo a price dip later this month, falling to $0.60 by the end of June.

Ripple has also announced that it launch tokenized gold on the XRP ledger in 2024. The move may aid the asset’s price recover lost ground.