A recent large XRP transaction has caught the attention of the crypto community. An unknown wallet transferred 99,225,384 XRP, sparking discussions about the potential nature and purpose of the deal.
Transaction Details
According to crypto data tracker Whale Alert, 99,225,384 XRP worth 61,644,558 USD were transferred from an unidentified wallet to an unknown new wallet. This new wallet was activated with the transfer on Aug. 24 and currently only contains this 99.225 million XRP stash. Interestingly, the sending wallet was activated on Aug. 22 with 102.72 million XRP, of which 99.22 million XRP were sent out.
Crypto Community Speculations
This particular transfer has sparked speculations: The move could be from a large holder or 'whale' consolidating their XRP holdings. It could also be an over-the-counter (OTC) transfer conducted outside of crypto exchanges. However, with the wallets remaining unknown, the true intent behind the transfer remains speculative.
XRP Price Action
At the time of writing, XRP was down 2.18% in the last 24 hours to 0.602 USD, but up 5% weekly. Yesterday's trading session saw XRP reach highs of 0.631 USD, extending Friday's bounce before bulls encountered resistance. If the falls continue, the 0.6 USD level could serve as immediate support. If bears manage to push the XRP price below the 50-day SMA at 0.564, it may indicate that XRP will remain locked in the 0.41 to 0.64 area for some time. If the bounce resumes and buyers manage to push past 0.63, XRP is expected to reach 0.64, which might offer a significant hurdle.
The crypto community will continue to closely monitor any further movements from the new large XRP holder and their potential impact on the market.
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