Ripple Moves 500M XRP as Price Eyes $2.30 Resistance

Ripple recently transferred 500 million $XRP —worth around $1.1 billion—triggering speculation in the crypto market. The transaction, spotted by Whale Alert on May 2, was not a market dump but part of Ripple’s routine monthly escrow release. Of the 1 billion XRP unlocked, 500 million was sent to an internal wallet and re-locked. Additionally, 200 million XRP already in Ripple’s control was also relocked, easing fears of a major sell-off.

Currently, XRP trades near $2.21, consolidating just below key resistance at $2.30. The 20-day EMA at $2.17 and 50-day EMA at $2.20 offer solid support. However, momentum remains weak. The ADX is low at 12.7, and the RSI is neutral at 53. Oscillators like the MACD and Stochastic suggest indecision among traders, while flat volume confirms a wait-and-see approach.

A breakout above $2.30 could drive XRP toward $2.50. But if it slips below $2.16, a drop to $2.05 or even $2.00 is possible. Market sentiment remains cautious, especially with the SEC delaying its decision on the proposed XRP ETF until mid-June.

Meanwhile, Ripple continues its growth push. After launching the RLUSD stablecoin, it reportedly offered $5 billion to acquire Circle (issuer of USDC), though the offer was declined. For now, all eyes are on XRP’s next move at the $2.30 mark.