Over the past weekend, there was a notable increase in large transactions involving XRP whales. These addresses with significant amounts of XRP tokens transferred up to 630 million tokens within a period of fewer than three hours. This occurred during a market downturn that threatened to push the value of XRP to as low as $0.36.
However, Whale Alert reported that a large movement of XRP, a cryptocurrency, occurred in six separate transactions within three hours. The largest of these transactions involved the transfer of 253 million XRP (equivalent to $92.7 million) between two unidentified wallets on Sunday at 6:58 PM (UTC).
Shortly after the first transaction, the recipient wallet quickly transferred 232 million XRP (which is worth $87.4 million) to another unidentified wallet, resulting in the second large transfer.
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An unknown wallet made three transactions to transfer 140 million XRP to a Bitstamp address in just 12 minutes. The first transaction involved transferring 35 million XRP worth $13.2 million, the second involved transferring 45 million XRP worth $17.1 million, and the third involved transferring 30 million XRP worth $11.3 million.
However, the most recent large transaction involving a significant amount of XRP over the weekend was an internal transfer between two Bitso wallet addresses. The transfer involved 33 million XRP worth $12.5 million and occurred on Sunday at 22:15 (UTC).
There has been a regular occurrence of large XRP transactions by big investors recently. As reported earlier, a total of 185 million XRP was transferred last Wednesday, with Ripple responsible for 100 million and other large investors moving 85 million. Due to a significant accumulation campaign, XRP became one of the top 10 tokens bought by the 500 largest Binance Smart Chain (BSC) investors last week.
XRP Risks a Drops to $0.36
Despite the recent significant transactions by XRP whales, the cryptocurrency has not been immune to the ongoing market-wide correction. On February 21, XRP was strongly rejected at the $0.40 price level and had been trading below that level ever since. At the time of writing, XRP is down 0.31% in the last 24 hours and is trading at $0.3768.
XRP is currently trading below its 50-day Exponential Moving Average (EMA) of $0.384, and most indicators indicate a bearish market sentiment. If XRP falls below the critical level of $0.3755, it could experience a significant drop to its first support level at $0.3751. In the event of further declines, the next level of support could be at $0.3667.
