- Ripple’s 230M XRP transfer sparks market speculation amid cautious optimism.
- XRP shows bullish signs with higher lows, but volume decline raises caution.
- Key resistance at $2.20 may trigger breakout if buying interest strengthens.
In a move that stirred the XRP community, Ripple executed a massive transfer of 230 million XRP worth over $498 million to an unknown wallet. This unexpected transaction, first flagged by Whale Alert, has prompted speculation about Ripple’s intentions and possible implications for XRP’s price trajectory.
As of June 7, 2025, XRP trades at $2.17, climbing 1.92% on the day, as traders digest the news and align it with broader market signals. While the transaction raises questions, it also coincides with a cautiously optimistic technical setup that could shape XRP’s performance on June 8 and beyond.
Market Trend Signals Short-Term Strength
Despite initial skepticism, XRP’s price action displays signs of resilience. The intraday high reached $2.192 before a slight retracement. Price action shows a consistent pattern of higher lows and highs an early hallmark of a bullish continuation.
The $2.17 level, now acting as short-term support, reflects renewed buying interest. However, volume has declined by over 48%, which could signal weaker momentum heading into the next session.
Additionally, XRP faces stiff resistance near $2.19 to $2.20. A breakthrough above these levels could trigger new highs, especially with investor attention heightened by Ripple’s transfer. Meanwhile, minor supports at $2.13 and $2.15 serve as caution points in case of price pullbacks. These thresholds could offer attractive entry points for bullish traders.
Indicators Point to Cautious Optimism
Momentum indicators reflect a mixed but generally stable outlook. The MACD shows mild bearishness, with the signal line above the MACD line and both below zero. However, this does not signal a trend reversal yet.
The Relative Strength Index (RSI) sits near 44 leaning slightly bearish, but within a typical bounce zone. Historically, XRP has seen recoveries when RSI hovers in the 40–45 range, hinting that a short-term rally remains possible.
Open interest in XRP also supports the bullish view. Total open interest stands at $1.7 billion, with perpetual contracts matching that figure. Futures contracts, though small at $2.6 million, dipped by 3.92%.
Binance and Bybit dominate platform activity, reflecting strong institutional engagement. The 0.27% increase in open interest, especially from perpetuals, aligns with traders betting on continued upside.
Outlook for June 8: Range-Bound or Breakout?
While the Ripple wallet movement creates uncertainty, it hasn’t derailed bullish sentiment. Price could remain range-bound between $2.13 and $2.20 unless volume returns.
