Trending cryptocurrency, XRP, has begun the new week with massive accumulations from an undisclosed large investor. According to a recent report, the whale purchased millions in XRP in the last 24 hours, sparking discussions across the crypto community. Interestingly, this comes against a current price struggle to break the resistance.
In the last 24 hours, the global crypto market has seen marginal loss after experiencing a rally over the weekend that shot the price of BTC and ETH to $64k and $2.7k respectively. According to data from CoinMarketCap, the total crypto market cap has declined by 0.28% to rest at $2.25 trillion. But, this whale seems to eye a discounted price.
Whale Bets Large on XRP
Whale Alert, a prominent crypto large transaction tracking service, revealed that an anonymous whale transferred a massive 97,225,384 (97.2 million) XRP coins from its wallet to another external wallet labeled by the tracker as âunknown.â The total value of this transfer at the time was approximately $58.7 million.
97,225,384 #XRP (58,740,736 USD) transferred from unknown wallet to unknown new wallethttps://t.co/PdFTroxDsv
â Whale Alert (@whale_alert) August 25, 2024
While the entity and reason behind the transfer are still unknown at the moment, it has been perceived by the crypto community as bullish since the coins were sent to a wallet address and not a cryptocurrency exchange where they can be sold or traded. Upon further check, it was discovered that the whaleâs sending address was activated with this transfer and no other transaction has been conducted before or after this one.
The whale made a large bet on the future of XRP hoping that the coin would experience a rally soon. Crypto experts and analysts have predicted an upside movement for XRP that will eventually break old highs and reach new highs, catalyzed by the impressive technology behind the project, the recent court decision by Judge Torres, and the hopes of a potential XRP ETF. Owing to this, large investors have amassed XRP in large quantities as the hopes of an upsurge increase.
Prominent Whale Dumps XRP
Meanwhile, while other whales are gathering XRP, some others are dumping their holdings to centralized exchanges. According to data from the aforementioned source, a known whale with the wallet address âr4wfâŠ4Rznâ transferred a whooping 25.3 million XRP, valued at $15.2 million, to the Luxembourg-based crypto exchange, Bitstamp.
This particular whale is noteworthy because it has shifted hundreds of millions of XRP since this year to the mentioned crypto exchange and also the Mexico-based exchange, Bitso. This continuous action has raised questions about intent and identity as the entity relentlessly moves staggering amounts disregarding the shape of the market at every occasion.
The contrasting movement of XRP by both whales underscores the diversity of investorsâ actions and sentiments across the crypto market. While some stack up their portfolio ahead of a potential price change, others continue to sell off their holdings.
XRP Price Struggles
Over the last week, the price of XRP has consolidated around the $0.56 and $0.62 range respectively. According to data from Coingecko, XRP traded between $0.5944 and $0.6097 respectively in the last 24 hours. At the time of writing, XRP declined by 1.89% to change hands at $0.5973.
Source: CoinMarketCap
Even though analysts remain bullish, the price of the coin suffers resistance at $0.63. A break above this point could trigger a rally to $0.65. However, a drop below $0.60 could ignite a further decline to the $0.58 support level.
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