Oct 13, 2024
6thTrade
According to on-chain data, a staggering 104 million XRP tokens were transferred in a single transaction, creating a new "mega whale" in the XRP ecosystem. Valued at over $55 million, this massive transfer has certainly grabbed the attention of the crypto community.
Although the identity of this whale remains a mystery, the blockchain tracking tool Whale Alert revealed that the transfer originated from one unknown wallet to a new one. Specifically, the transaction involved 104,035,551 XRP worth $55,979,341 being moved between two unidentified addresses.
This new whale's arrival in the market comes at a notable time for both Ripple and the broader XRP ecosystem. Ripple, in particular, has been busy, recently expanding its crypto custody services for banks and fintech firms. The new offerings include enhanced tools for storing digital assets, AML risk monitoring, seamless integration with the XRP Ledger, and an upgraded, user-friendly interface.
In parallel, Ripple has made significant strides in its ongoing legal battle with the SEC. This week, the company filed a cross-appeal in response to Judge Torres' final ruling from August 7. Given these developments, itâs possible the timing of this XRP whaleâs transfer isnât coincidental, and could hint at strategic positioning in anticipation of Rippleâs progress.
XRP Price Action:
The past week has seen XRP trading within a narrow range of $0.507 to $0.546, indicating a strong tug-of-war between bulls and bears. A breakout above the 50- and 200-day moving averagesâcurrently at $0.543 and $0.564, respectivelyâwould be a positive sign for bulls, potentially paving the way for a rally toward the overhead resistance at $0.64. $XRP
Conversely, a drop below $0.50 could tip the scales in favor of bears, with XRP possibly descending to $0.46 and then $0.41.
As of now, XRP is trading at $0.5413, up 0.76% over the last 24 hours. If it holds, this will mark the third consecutive day of gains since October 9.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions 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.
