31.1 million XRP worth $15.8 million was transferred from an unknown wallet to the cryptocurrency exchange Bitso. This big transaction, Ripple 
$0.519209It coincided with critical developments in ‘s ongoing litigation with the U.S. Securities and Exchange Commission (SEC).
An Uncertain Period for Ripple
Blockchain tracking platform Whale Alert reported this remarkable transfer. Sending a large amount of XRP to an exchange wallet is often perceived as an expectation of selling in the market. Such transactions may create downward pressure on the XRP price.
The transfer comes after an important decision regarding the lawsuit involving Ripple Labs and its CEO Brad Garlinghouse. A US judge told the parties they should consider a possible “alternative solution” before the case goes any further. Ripple has filed for final resolution of class action claims.
Market Expectations
Crypto analyst Egrag Crypto predicts a potential rise in XRP price. He states that the symmetrical triangle formation on the price chart of XRP indicates that the price is heading for a compression point. According to Egrag Crypto, XRP breaking $0.5930 could open the door to a significant increase.
The analyst stated that if XRP exceeds this level, it may rise to $1.5000. This means an increase of 1347% compared to the current level.
News from Grayscale and SEC
The US SEC accepted Grayscale’s application to convert the Digital Large Cap Fund (GDLC) into an ETF. This ETF includes Bitcoin, including Ripple’s token 
$72,362Ethereum 
$2,641 and will offer investment opportunities in other major cryptocurrencies.
Grayscale’s listing of XRP in its ETF application could offer institutional investors regulated access to XRP if it receives SEC approval. Ripple CEO Brad Garlinghouse believes that the XRP ETF may also be approved after the Bitcoin and Ethereum ETFs are approved.
Support Levels and Technical Outlook for Price
XRP is currently trading near the support line at around $0.50. The recent whale movement has raised potential volatility concerns. Technical analysis shows that XRP has formed an inverted head-and-shoulders formation on its 4-hour chart. This pattern is generally considered a bullish signal.
If XRP price remains above $0.50 and crosses $0.58, it could signal a reversal in the trend. On the other hand, the Chaikin Money Flow (CMF) indicator is currently neutral; The Relative Strength Index (RSI) is close to the oversold zone. In order for XRP to experience a sustainable recovery, buying interest must increase.
Considering the legal uncertainties and whale activity, it is worth paying attention to possible fluctuations in the XRP price.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
