XRP Traders Transfer $60M Amid Ripple’s Latest Appeal Approval

Ripple (XRP) Price Analysis:

XRP price held strong above $0.54 on September 5, as bulls move to defy the crypto market’s sluggish start to the month. On-chain data reveals that XRP traders continue to move coins into long-term holdings, signaling growing confidence despite the market downturn.

XRP Outperforming BTC as Judge Approves Ripple Appeal

The crypto market experienced a negative opening in September 2024, with BTC and ETH both recording substantial losses within the first five days. Despite this, XRP has shown remarkable resilience compared to the broader market.

Following the Ripple vs. SEC case, which concluded with a manageable $125 million settlement, investor confidence in XRP surged. This optimism was further bolstered after US Judge Analisa Torres approved Ripple’s request to stay the judgment requiring a 111% deposit of the fine amount with its counsel.

On Wednesday, September 4, Ripple filed a request for a stay on the judgment, which was granted. According to reports, the stay will remain in place until 30 days after the 60-day appeal window closes from the final judgment. This legal victory has supported XRP’s price stability during a time when the broader crypto market saw sharp declines.

As the chart above illustrates, XRP has outperformed Bitcoin in the first few days of September. Bitcoin has dropped by 7% since September 1, whereas XRP has only seen a 4% decline. Investor sentiment, bolstered by Ripple’s appeal approval, is likely the key factor driving this relative strength.

Traders Have Moved $60M into Long-Term Storage Since Aug 1

Another strong indicator of growing confidence among XRP investors is the decline in exchange deposits. Since August 1, XRP deposits on exchanges have steadily declined, a trend that coincides with Ripple’s favorable judgment on August 7.

The CryptoQuant chart below tracks changes in XRP deposits across various exchanges. Between September 1 and 5, more than 10 million XRP (worth $6 million) were withdrawn, pushing the total exchange balance to a 50-day low of 2.94 billion XRP.

Looking at the broader picture, XRP investors have withdrawn 123 million XRP from exchanges since August 1. This trend indicates that long-term holders are positioning themselves for future gains rather than selling off during the current market uncertainty.

The steady outflow of XRP from exchanges underscores growing confidence in the token’s long-term potential.

Following Ripple’s latest legal victory, investors have moved over $60 million worth of XRP into long-term storage, helping the price resist market-wide volatility.

This trend positions XRP to maintain its upward trajectory, outperforming assets like Bitcoin and Ethereum.

XRP Price Forecast: Bulls Aiming to Break Above $0.57 Resistance

The bullish narrative for XRP’s price forecast is supported by several technical indicators. The Keltner Channel shows XRP trading near its mid-range, hinting at a potential breakout. With the support level at $0.55 holding firm, a push above $0.57 would likely see XRP challenge the upper channel boundary at $0.6175.

Additionally, the Coppock Curve, while still negative at -11.40, shows early signs of a reversal. A bullish cross could see momentum shift in favor of the bulls, paving the way for an upward move.

This aligns with broader market sentiment, with XRP traders consistently moving assets into long-term storage, signaling a belief in future price gains.

If XRP maintains support above $0.55 and breaks through the $0.57 resistance level, it could open the door to a retest of the key $0.65 level.

With a strong fundamental backdrop—boosted by Ripple’s legal victories—XRP is well-positioned for a rally as investor optimism continues to build. Bulls appear ready to capitalize on positive momentum, pushing prices higher in the coming weeks.