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A massive XRP transaction has recently caught the attention of the crypto community as a new whale appears to have surfaced following the transfer of a staggering 99,225,384 XRP tokens.
According to crypto data tracker Whale Alert, "99,225,384 XRP worth $61,644,558 was transferred from an unidentified wallet to an unknown new wallet."
This unknown new wallet was activated with the transfer, birthing the advent of a mega XRP address. The destination wallet was launched on Aug. 24 and currently only contains the 99.225 million XRP stash. Interestingly, the sending wallet was activated on Aug. 22 with 102.72 million XRP, of which 99.22 million XRP was sent out.
Tomiwabold OlajideThis particular transfer has sparked speculation: The move could be from a large holder or whale consolidating their XRP holdings. It could also be an OTC transfer that occurs outside of a crypto exchange. However, with the wallets remaining unknown, the true intent behind the transfer remains speculative.
As always, the crypto community will be keeping a close watch on any further movements from this newly identified whale and how they might impact the broader market.
XRP price action
At the time of writing, XRP was down 2.18% in the last 24 hours to $0.602, but up 5% weekly. Yesterday's trading session saw XRP reach highs of $0.631, extending Friday's bounce before bulls encountered resistance.
If the falls continue, the $0.6 level could serve as immediate support.
If bears want to halt the current upward momentum, they must quickly push the XRP price below the 50-day SMA at 0.564. If they do this, it may indicate that XRP will remain locked in the $0.41 to $0.64 area for some time.
If the bounce resumes and buyers manage to push past $0.63, XRP is expected to reach $0.64, which might offer a significant hurdle.
Arman Shirinyan
Alex Dovbnya