Cover image (via www.freepik.com)
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
According to on-chain data, a whopping 104 million XRP tokens were moved in a single transaction, creating a new giant whale in the XRP ecosystem. This massive XRP movement, valued at over $55 million, has caught the attention of the cryptocurrency community.
Although the whale’s identity remains unknown, blockchain tracking tool Whale Alert showed that the transaction was sent from an unknown wallet to a new wallet.
Whale Alert reports that “104,035,551 XRP worth $55,979,341 was transferred from an unknown wallet to an unknown new wallet.”
The entry of this new whale into the market comes at an interesting time for both the XRP ecosystem and Ripple.
As reported this week, Ripple has significantly expanded its crypto custody business, introducing new features to help banks and financial technology companies store digital assets on behalf of their customers. These include preconfigured operational and policy settings, integration with the XRP Ledger, risk monitoring for anti-money laundering compliance, and a new user interface that is easier to use and engage with.
This week also saw an important development in the Ripple SEC case, with Ripple filing a cross-appeal of Judge Torres’ final August 7 ruling.
related
The timing of this move could be a strategic move ahead of potential advancements in the Ripple and XRP ecosystem.
XRP price fluctuation
XRP has been trading within a narrow range of $0.507 to $0.546 over the past seven days, suggesting a fierce battle between bulls and bears.
The first strength for the bulls would be a close above the 200-day and 50-day moving averages ($0.543 and $0.564, respectively). This suggests the beginning of a rally to the $0.64 overhead barrier, which could pose a strong test for the bulls.
related
In contrast, if the price declines from current levels or the daily average of $200 and falls below $0.50, it could indicate that the advantage has shifted in favor of the bears. XRP could fall to $0.46 and then $0.41.
As of this writing, XRP is trading at $0.5413, up 0.76% over the past 24 hours, and if today ends in the green, it would mark the third day of gains since October 9th.
