According to on-chain data, a staggering 104 million XRP tokens were transferred in a single transaction, creating a new âmega whaleâ in the XRP ecosystem. Valued at over $55 million, this massive transfer certainly caught the attention of the crypto community.
While the identity of this whale remains a mystery, blockchain tracking tool Whale Alert revealed that the transfer originated from an unknown wallet to a new one. Specifically, the transaction involved 104,035,551 XRP worth $55,979,341 being moved between two unidentified addresses.
The arrival of this new whale to the market comes at a notable time for both Ripple and the broader XRP ecosystem. Ripple, in particular, has been busy, recently expanding its cryptocurrency custody services to banks and fintech companies. The new offerings include improved tools for storing digital assets, AML risk monitoring, seamless integration with the XRP Ledger, and an updated, user-friendly interface.
Meanwhile, Ripple has made significant progress in its ongoing legal battle with the SEC. This week, the company filed a cross-appeal in response to Judge Torresâ final ruling on August 7. Given these developments, it is possible that the timing of this XRP whale transfer is no coincidence and could suggest strategic positioning in anticipation of Rippleâs progress.
XRP Price Action:
The past week has seen XRP trading within a tight range of $0.507 to $0.546, indicating a strong tug-of-war between bulls and bears. A breakout above the 50-day and 200-day moving averages â currently at $0.543 and $0.564, respectively â would be a positive sign for the bulls, potentially paving the way for a rally towards the overhead resistance at $0.64.$XRP
XRP
0.5376
-0.7%
XRPUSDT
Perpetual
0.5373
-0.68%
On the other hand, a drop below $0.50 could tip the scales in favor of the bears, with XRP possibly falling to $0.46 and then to $0.41.
XRP is currently trading at $0.5413, up 0.76% over the past 24 hours. If it holds, this will mark the third consecutive day of gains since October 9.
#xrp #XRP #XRPCommunity #Bitcoinâ
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and can result in substantial financial losses. Always do your own research and consult a qualified financial advisor before making any investment decisions. The views expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
