XRP Whale Moves 104M Tokens as Market Consolidates Above $0.56

A new, unidentified XRP whale address recently acquired over 104 million XRP tokens amid ongoing market consolidation. Whale Alert, a crypto whale tracking service, brought attention to the large transaction. On-chain data from leading XRPL explorer Bithomp confirmed that this transaction, involving precisely 104,400,229 XRP valued at $58.2 million, occurred yesterday at 16:07 UTC.

🚨 🚨 🚨 104,400,229 #XRP (58,217,603 USD) transferred from unknown wallet to unknown new wallethttps://t.co/vVJq6Ee9so
— Whale Alert (@whale_alert) August 16, 2024

Significant Wallet Activity

While substantial whale movements are common in the XRP market, often linked to Ripple and other large holders, this latest transaction stands out due to the wallets involved. Notably, both the sender and recipient addresses were newly activated. The sending wallet became active on August 12, while the recipient address was activated just yesterday when the transaction occurred. Interestingly, the sending wallet initially received 107.8 million XRP from two different addresses between August 12 and 13.

After holding the tokens for at least three days, the sending wallet began distributing them. The first distribution involved a transfer of 3.4 million XRP to an unknown wallet yesterday. A minute later, the wallet initiated the 104 million XRP transaction, essentially emptying its balance. The recipient wallet, however, continues to hold the tokens at the time of writing.

Purpose Remains Unclear

Due to the anonymous nature of these wallets, it’s challenging to determine the exact purpose of this whale movement. The transaction could involve an investor accumulating XRP using a new wallet. Alternatively, it might represent an internal fund shuffle by an exchange. If the latter is true, the exchange involved could be Bitvavo, a European crypto trading platform. Connections have been identified between Bitvavo addresses and some of the wallets involved. Notably, Bitvavo had similar large transactions involving 409 million XRP in October and 425 million XRP in August of last year.

This significant transaction occurs as the broader crypto market remains in flux. XRP’s price has continued to consolidate at key levels, holding above the $0.56 support threshold. At press time, XRP trades at $0.5642. Meanwhile, the daily relative strength index (RSI) shows neutral conditions, with the RSI line at 49.86, slightly above the Signal line at 49.23.

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This mild bullish divergence could suggest a potential upward movement after this consolidation phase, though the overall trend remains uncertain.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.