bullish

2024

Million

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As reported by blockchain data tracker Whale Alert, a staggering 104 million <a href="https://u.today/xrp-secures-death-cross-on-hourly-charts-whats-xrp-price-in-for" rel="noopener noreferrer nofollow">XRP,</a> valued at over $58 million, was mysteriously transferred in a single transaction. According to the data, the 104 million XRP was moved from an unknown wallet to a new unidentified address.
In a tweet, Whale Alert <a href="https://x.com/whale_alert/status/1824478026756682153" rel="noopener noreferrer nofollow">reported</a> that "104,400,229 XRP worth $58,217,603 transferred from unknown wallet to unknown new wallet."
<blockquote>
 🚨 🚨 🚨 104,400,229 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> (58,217,603 USD) transferred from unknown wallet to unknown new wallet<a href="https://t.co/vVJq6Ee9so" rel="noopener noreferrer nofollow">https://t.co/vVJq6Ee9so</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1824478026756682153?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 16, 2024</a>
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This movement of XRP has drawn attention as it suggests whales — large holders of cryptocurrency — might be making significant moves in the market.
The exact reason for the transfer remains unknown, however, it might suggest a shift to a more secure wallet or a preparation for a potential sale. The transfer could be part of a broader strategy by a whale to reposition their holdings in anticipation of market changes.
Whale alert also flagged a major significant XRP move within the last 24 hours in which "21,891,000 XRP worth $12,296,807 was transferred from Bittrex to an unknown wallet."
<h2 id="xrp-price-action">XRP price action</h2>
At the time of writing, XRP was down 0.66% in the last 24 hours to $0.564 and down 4.16% over the last seven days. XRP has been trading around $0.57 for the previous few days, signaling a battle between bulls and bears.
A break and close above $0.58 might shift the short-term advantage in favor of buyers. If this occurs, XRP could rally to the overhead resistance level of $0.64. The bears have vigorously guarded the level in the past and may do so again.
This short-term bullish outlook might be dashed if the <a href="https://u.today/xrp-records-223-spike-in-volume-as-crypto-liquidations-hit-1-billion" rel="noopener noreferrer nofollow">XRP price</a> falls below the 50-day SMA at $0.54. That might enhance selling pressure, pushing XRP near lows of $0.46.
In the short term, the market is intently waiting for a moving average crossover on XRP daily charts in the coming days.

104 Million XRP Mysteriously Transferred as Whales Make Major Moves

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