Ripple's transfer of over $100 million XRP to CEX sparks panic, Peter Brandt remains bullish: Target at $3

On December 4, Whale Alert reported that Ripple (50) transferred 46,019,328 XRP to a wallet beginning with “rnU65s,” which was activated by Ripple (50). At current market prices, this transaction is valued at $101.4 million.

Previously, Ripple’s sub-wallet “rnU65s” also transferred 46,019,328 XRP to a wallet starting with “rpxh7h,” which was activated by a sub-wallet of exchange (10). This indicates that Ripple moved 46,019,328 XRP tokens worth over $101 million to the exchange.

Meanwhile, the spot XRP ETF has sparked heated discussion in the crypto community. This XRP ETF, listed in the US, saw a net inflow of $50.27 million on Wednesday. Despite large-scale sell-offs in the crypto market, the momentum of inflows remains strong. Of these, Grayscale’s GXRP led the way with $39.26 million in inflows, followed by Franklin’s XRPZ ($4.76 million) and Bitwise’s XRP ETF ($3.29 million).

With issuers announcing fee waivers, XRP’s total assets under management have now exceeded $906 million. Despite the high enthusiasm in the ETF market, Ripple’s transfer of XRP to a CEX suggests subdued market sentiment.

Although XRP’s economic activity and on-chain trading volume have suddenly surged, on-chain data shows the 30-day moving average of XRP whale flows remains negative, and the XRP price has plummeted nearly 2%.

XRP’s price has dropped more than 1.70% in the past few hours, erasing part of this week’s gains. The current price is $2.17, with an intraday low and high of $2.15 and $2.21, respectively. In addition, trading volume has fallen by more than 30% in the past 24 hours, indicating waning trader interest.

Crypto analyst Ali Martinez shared a 4-hour chart showing the asset has been in a descending channel since October. He predicts that if the XRP price breaks above $2.28, it could rise to $2.75.

Recently, veteran trader Peter Brandt emphasized that in the context of major progress by Ripple, XRP’s price will rise in the coming weeks. He believes the downward trend is about to end and will trigger a wave of upward momentum, targeting a price of $3.

Meanwhile, CoinGlass data shows that the total open interest of XRP futures has declined in both the past 4 hours and 24 hours. In the past 24 hours, total futures open interest fell by 0.65% to $3.88 billion. As of press time, 4-hour XRP futures open interest on the Chicago Mercantile Exchange (CME) is up 1%, but mainstream CEXs show a downward trend.