Blockchain data tracker, Whale Alert, recently reported a mysterious transaction involving the transfer of 104 million XRP, valued at over $58 million, in a single operation. According to the data, these XRP tokens were moved from an unknown wallet to a newly unidentified address.
Whale Alert highlighted that “104,400,229 XRP worth $58,217,603 were transferred from an unknown wallet to a new unknown wallet.” This significant movement has caught the attention of the crypto community, suggesting that large holders, known as whales, may be making strategic moves in the market.
The exact reason behind this substantial transfer remains unclear. However, it could indicate a shift to a more secure wallet or preparation for a potential sale. This transfer might also be part of a broader strategy by the whale to reposition its holdings in anticipation of market changes.
Additionally, Whale Alert noted another large transfer of 21,891,000 XRP worth $12,296,807 from Bittrex to an unknown wallet within the last 24 hours.
XRP Price Movement
At the time of writing, XRP’s price had decreased by 0.66% in the last 24 hours to $0.564 and had dropped by 4.16% over the past seven days. XRP has been trading around $0.57 in recent days, indicating a struggle between bulls and bears.
A breakout and close above the $0.58 level could shift the short-term advantage to buyers, potentially driving XRP’s price up to the upper resistance level at $0.64. This level has been strongly defended by bears in the past and may be again.
Conversely, a decline below the 50-day simple moving average (SMA) at $0.54 could intensify selling pressure, pushing XRP closer to its recent lows of $0.46.
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In the short term, the market is eagerly awaiting a moving average crossover on XRP’s daily charts in the coming days, which could provide further direction for the cryptocurrency’s price.
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