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A massive $XRP transaction has recently caught the attention of the crypto community as a new whale appears to have surfaced following the transfer of a staggering 99,225,384 $XRP tokens.
According to crypto data tracker Whale Alert, "99,225,384 $XRP worth $61,644,558 was transferred from an unidentified wallet to an unknown new wallet."
🚨 🚨 🚨 99,225,384 #$XRP (61,644,558 USD) transferred from unknown wallet to unknown new wallethttps://t.co/FNkWZDm3i9
— Whale Alert (@whale_alert) August 24, 2024
This unknown new wallet was activated with the transfer, birthing the advent of a mega $XRP address. The destination wallet was launched on Aug. 24 and currently only contains the 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 was sent out.
This particular transfer has sparked speculation: The move could be from a large holder or whale consolidating their $XRP holdings. It could also be an OTC transfer that occurs outside of a crypto exchange. However, with the wallets remaining unknown, the true intent behind the transfer remains speculative.
As always, the crypto community will be keeping a close watch on any further movements from this newly identified whale and how they might impact the broader market.
$XRP price action
At the time of writing, $XRP was down 2.18% in the last 24 hours to $0.602, but up 5% weekly. Yesterday's trading session saw $XRP reach highs of $0.631, extending Friday's bounce before bulls encountered resistance.
If the falls continue, the $0.6 level could serve as immediate support.
If bears want to halt the current upward momentum, they must quickly push the $XRP price below the 50-day SMA at 0.564. If they do this, 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.