XRP Whales Spark Euphoria with Millions in Shuffling
Given the recent flurry of intraday whale moves, XRP whale activity is still showing little signs of calming down. At the moment when XRP is struggling to maintain a secure position above the $0.40 region, this wave of whale trades has taken place. Due to the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission, there is a lot of speculation about the digital currency XRP.
According to the on-chain whale transaction analytics tool Whale Alerts, there has been an increase in XRP movement. The first of three significant XRP moves during the previous day was the transfer of 35,000,000 tokens from an unidentified wallet to the Bitstamp exchange.
Additionally, a total of 248,294,607 XRP worth $99,696,462 was transferred from one undisclosed wallet to another. The transmitting address was activated on January 30 and the recipient address was only activated yesterday, thus both addresses are rather recent. Additionally, 32,200,000 XRP units with a value of over $13.13 million were removed from the Bitso exchange.
According to data, whales have been continuously interested in the XRP accumulation. Whalestats reported that XRP was among the top 10 tokens bought the previous day by the top 100 BSC whales.
The cryptocurrency economy is characterized by the movement of money, however, on a typical day, this particular movement might not be all that significant. XRP is currently struggling to maintain its position above $0.40 after encountering significant resistance in the $0.42 area. At the time of writing, the price of XRP is $0.39, down 0.60% over the last 24 hours.
XRP has already established a falling wedge formation, which was observed by analyst Egrag Crypto. He claimed that once the asset starts to show signs of a trend reversal, it may rise as high as $1.4 without encountering any significant resistance.