The transfer of an astounding 99,225,384 XRP tokens seems to have resulted in the appearance of a new whale, which has drawn the attention of the cryptocurrency world in a gigantic XRP transaction.
“99,225,384 XRP worth $61,644,558 was transferred from an unknown wallet to an unknown new wallet,” according to the cryptocurrency data tracker Whale Alert.
With the transfer, this unidentified new wallet was enabled, ushering in the emergence of a gigantic XRP address. Since its August 24 inception, the destination wallet has exclusively held the 99.225 million XRP stockpile. Remarkably, 99.22 million XRP were transmitted out of the 102.72 million XRP that were in the sending wallet when it was launched on August 22.
https://x.com/whale_alert/status/1827366789564538989
There is conjecture about this specific transfer: it may be the result of a whale or major investor consolidating their XRP holdings. An OTC transfer that takes place outside of a cryptocurrency exchange might potentially be the source. Still unknown are the wallets, thus it’s unclear what the real purpose of the transfer was.
As usual, the cryptocurrency community will be closely monitoring this newly discovered whale’s next moves and how they may affect the market as a whole.
XRP price action
As of this writing, XRP was up 5% weekly but down 2.18% during the previous 24 hours to $0.602. XRP extended its Friday rally to highs of $0.631 during yesterday’s trading session until bulls ran into resistance.
Should the declines persist, the $0.6 mark may provide instantaneous support.
Bears need to drive the price of XRP below the 50-day SMA at 0.564 very soon if they hope to stop the current rising momentum. If they take this action, it may mean that XRP will stay stuck in the $0.41 to $0.64 range for a while.
If buyers are able to push beyond $0.63 and the rally continues, XRP is predicted to hit $0.64, which might provide a substantial obstacle.
