Strange $55,868,599 XRP Transfer Lands in Ripple Account: What's Going On?

This morning, data from Whale Alert showed that 18,744,800 XRP, worth around $55.9 million, were transferred from an unidentified wallet to one of Ripple’s main accounts. The unknown source and direct route to the crypto company of course caught the attention of traders who monitor these flows for insights into how Ripple manages its XRP holdings.

Those who closely follow these movements, such as "XRPwallets" account" say the process is familiar. Ripple brings tokens back into its main account before redistributing them into different channels, such as On-Demand Liquidity corridors, exchange-traded products, custodial structures and investment vehicles. 

While this makes the transfer less mysterious, the lack of context around the timing leaves room for speculation in the market.

Here's how XRP price reacted

As for the trading side, XRP is currently at around $2.99. Support is at $2.93, and resistance is at $3.05. The daily chart shows the price staying within this narrow range, but the hourly charts show quick drops toward $2.95 that are matched by quick rebounds. 

For traders, it is pretty simple: if it breaks above $3.05, it could go toward $3.20, but if it weakens back below $2.90, it will probably test the lower range again.

It not not the most Ripple has done, but the context makes it a big deal. The market is taking more of an interest in how Ripple handles its reserves, on top of the growing interest from institutions and the new talks about possible privacy features in the XRP Ledger. 

In that case, a $55 million transfer is less of a regular adjustment.