According to on-chain data, a whopping 104 million XRP tokens were moved in a single transaction, spawning a new mega whale in the XRP ecosystem. This massive XRP movement, valued at over $55 million, has caught the attention of the crypto community.
While the identity of the whale remains unknown, the blockchain tracking tool Whale Alert indicated that the transaction originated from an unknown wallet to a new wallet.
Whale Alert reports that "104,035,551 XRP worth $55,979,341 transferred from unknown wallet to unknown new wallet."
This new whale's entry into the market comes at an interesting time for both the XRP ecosystem and Ripple.
🚨 🚨 🚨 104,035,551 #XRP (55,979,341 USD) transferred from unknown wallet to unknown new wallethttps://t.co/o0L1vHsgsr
— Whale Alert (@whale_alert) October 11, 2024
As reported this week, Ripple made a major expansion of its crypto custody business introducing new features to assist banks and financial technology firms in storing digital assets on behalf of clients. These include preconfigured operational and policy settings, integration with the XRP Ledger, risk monitoring for anti-money laundering compliance and a new user interface that is easier to use and engage.
This week also witnessed a significant development in the Ripple SEC litigation, with Ripple filing a cross-appeal of Judge Torres’ Aug. 7 final Judgment.
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The timing of this transfer could be a strategic move ahead of possible advancements for Ripple and the XRP ecosystem.
XRP price action
XRP has traded in a narrow range of $0.507 to $0.546 in the past seven days, signaling a fierce battle between bulls and bears.
The bulls' first show of strength would be a break and close above the 200 and 50 daily moving averages, which are $0.543 and $0.564, respectively. This suggests the beginning of a rally to the overhead barrier of $0.64, which may pose a strong test to the bulls.
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In contrast, if the price falls from its present level or the daily average 200 and breaks below $0.50, it might indicate that the advantage has shifted in favor of bears. XRP may fall to $0.46, then to $0.41.
At the moment of writing, XRP was trading at $0.5413, up 0.76% in the last 24 hours, and will mark its third day of gains since Oct. 9 if today closes in green.
