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According to on-chain data, a massive 104 million XRP transaction has birthed a new XRP whale, which refers to large holders of a specific cryptocurrency.
The said whale surfaced after a recent transaction saw 104 million XRP, valued at approximately $56 million, transferred in a single move.
The transaction reported by blockchain tracking tool Whale Alert involved the transfer of 104,035,551 XRP from an unknown wallet to a newly created wallet.
WhaleAlert reported: “104,948,961 XRP worth $52,305,486 transferred from unknown wallet to unknown new wallet.”
The identities of both the sending and receiving wallets remain unknown, adding intrigue to the transaction. The whale’s entry into the market comes at a pivotal time for Ripple and the broader XRP ecosystem. Ripple recently released its Q3, 2024, XRP Markets Report, which highlighted growth for the XRP ecosystem and the crypto market beyond.
Related
In the most recent update to XRP Ledger, the XRPL oracle pricing amendment has gone live allowing XRPL’s native oracles to be able to provide real-time data for key DeFi features like the AMM and lending protocols. This update marks a major leap forward for institutional-grade DeFi.
XRP price action
XRP has traded in a broad range of $0.487 to $0.566 since the beginning of October, indicating consolidation.
At the time of writing, XRP was trading down 0.2% in the last 24 hours at $0.509, having recovered from two consecutive days of declines to reach intraday highs of $0.509.
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Amid a slight recovery, XRP remains below $0.53, but the good news is that bears have failed to pull the price down to the $0.46 support. This shows that selling slows at lower levels.
Buyers will try again to push the price above the moving averages. The bulls’ first sign of strength would be a breakout and close above the 50 and 200 daily moving averages, which are $0.536 and $0.55, respectively. This implies the start of a rally to the overhead barrier of $0.64, which may pose a significant challenge to bulls.
On the downside, support is envisaged at $0.487 and $0.491. Steeper declines might aim for an early August low of $0.432.
