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In a surprising development, 31 million XRP tokens were recently transferred to a major cryptocurrency exchange, sparking speculation and intrigue within the crypto community.
This significant movement of XRP, worth approximately $16.87 million, comes at a time when XRP seems poised for potential price action after weeks of range trading.
Blockchain data revealed that a crypto wallet made a transfer of 31 million XRP to Bitstamp crypto exchange, yet the identity of the wallet owner remains unknown.
According to Whale Alert, "31,800,000 XRP worth $16,870,003 was transferred from unknown wallet to Bitstamp."
While the exact reason for the move remains unknown, large transfers to exchanges can indicate intentions to sell or to execute strategic trades.
The timing of the transaction is particularly intriguing, given that XRP has been trading within a range, with a key resistance level in sight that could determine its short-term direction.
Tomiwabold OlajideA large holder, or "whale," might be preparing to sell a portion of their holdings, possibly anticipating a correction or attempting to take profits.
The transfer might also be related to a strategic trading position, where the holder aims to capitalize on anticipated market movements, leveraging the liquidity provided by the crypto exchange.
XRP’s price action
The timing of this large transfer is noteworthy as XRP is grasping to gain ground above the daily SMA 50 at $0.527, a level that had constrained the XRP price since mid-April, along with the daily SMA 200 at $0.577.
Market analysts are closely watching these levels, as sustaining above the daily SMA 50 and breaking through the daily SMA 200 could trigger significant upward movement. Conversely, failing to break resistance might result in a period of consolidation or a potential pullback.
At the time of writing, XRP was down 1.17% in the last 24 hours to $0.53 and up 3.30% in the last seven days, per CoinMarketCap data.
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