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As reported by blockchain data tracker Whale Alert, a staggering 104 million XRP, valued at over $58 million, was mysteriously transferred in a single transaction. According to the data, the 104 million XRP was moved from an unknown wallet to a new unidentified address.
In a tweet, Whale Alert reported that “104,400,229 XRP worth $58,217,603 transferred from unknown wallet to unknown new wallet.”
This movement of XRP has drawn attention as it suggests whales — large holders of cryptocurrency — might be making significant moves in the market.
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The exact reason for the transfer remains unknown, however, it might suggest a shift to a more secure wallet or a preparation for a potential sale. The transfer could be part of a broader strategy by a whale to reposition their holdings in anticipation of market changes.
Whale alert also flagged a major significant XRP move within the last 24 hours in which “21,891,000 XRP worth $12,296,807 was transferred from Bittrex to an unknown wallet.”
XRP price action
At the time of writing, XRP was down 0.66% in the last 24 hours to $0.564 and down 4.16% over the last seven days. XRP has been trading around $0.57 for the previous few days, signaling a battle between bulls and bears.
A break and close above $0.58 might shift the short-term advantage in favor of buyers. If this occurs, XRP could rally to the overhead resistance level of $0.64. The bears have vigorously guarded the level in the past and may do so again.
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This short-term bullish outlook might be dashed if the XRP price falls below the 50-day SMA at $0.54. That might enhance selling pressure, pushing XRP near lows of $0.46.
In the short term, the market is intently waiting for a moving average crossover on XRP daily charts in the coming days.
