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Gigantic XRP Whale Birthed With 104 Million XRP Shift

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Mon, 4/11/2024 - 11:07
Gigantic XRP Whale Birthed With 104 Million XRP Shift
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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.

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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."

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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.

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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.

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