104 Million XRP Transfer: Are Giant Whales on the Move?

104 Million XRP Transfer Between Unknown Wallets

According to blockchain data tracker Whale Alert, significantly more than 104 million XRP, valued at over $58 million, were surreptitiously transferred in one transaction. Due to the possibility that whales are making big swings in the market, this XRP movement has attracted attention.

Although the precise reason for the transfer is yet unknown, it could indicate a move to a more secure wallet or the start of the selling process. A whale may be repositioning their holdings in anticipation of market movements as part of a larger strategy, which includes this transfer. In addition, Whale Alert reported that “21,891,000 XRP worth $12,296,807 was transferred from Bittrex to an unknown wallet” during the previous day. This was an enormous XRP move.

XRP Price on the Rise: Are the Bulls Ready for the $0.58 High?

As of this writing, XRP has decreased by 0.68% over the previous seven days and increased by 0.43% during the previous 24 hours to $0.5681. A fight between bulls and bears is indicated by XRP’s recent trading range of $0.57.

The short-term edge in favor of buyers could be shifted by a break and closure above $0.58. XRP might rise to $0.64 above the resistance level if this happens. The bears have defended the level fiercely in the past and might do so once more.

• If the price of XRP drops below the 50-day SMA at $0.54, this short-term optimistic view could be crushed.
• As a result, selling pressure may increase, and XRP may approach $0.46 lows.

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