Ripple (XRP) Whales Move $782 Million of the Token Ahead of Potential Market-Moving Announcement

In recent XRP news, Ripple whales have transferred a total of $782 million worth of XRP, raising market attention.

A new batch of hefty transactions saw Ripple (CRYPTO: XRP) whales transfer a total of $782 million worth of XRP coins.

Here's what happened and how the U.S. Federal Reserve's interest rate decision impacted crypto prices.

What Happened: Two large transactions were recorded, with 70 million XRP (about $148.3 million) and 300 million XRP (about $633.7 million) moved to unknown wallets, according to blockchain tracking platform Whale Alert.

The first transaction saw 70 million XRP coins being moved from one unidentified wallet to another. Shortly after, a second transfer of 300 million XRP came directly from Ripple to another unknown wallet. Both transactions took place within one hour of each other.

These activities happened just as the U.S. Federal Reserve confirmed that interest rates will remain unchanged at the current level.

The central bank's decision was largely expected by economists polled by Dow Jones. Chair Jerome Powell stated that economic conditions do not yet warrant a rate cut.

In response, crypto prices showed mixed trends. Bitcoin (CRYPTO: BTC) dropped by 0.8% to $65,476.58, while Ether (CRYPTO: ETH) fell by 0.4% to $1,900. Interest rate policy is closely watched by crypto investors.

Lower interest rates can drive money into higher-risk assets, including cryptocurrencies. Since borrowing becomes cheaper, more capital can flow into markets like crypto, while traditional saving methods become less attractive.

In contrast, unchanged rates may slow down such inflows.

Later, a third transaction saw 30 million XRP coins being moved from an exchange wallet to another unidentified wallet.

Related Link: How High Can XRP Price Go In 2024 According To Technical Analysis?

Why It's Important: The transactions come at a time when XRP price has managed to remain above key support levels despite broader crypto market weakness.

According to Santiment, Ripple whales holding between 1 million and 10 million XRP have grown their share to 9.44% of total supply as of March 28, up from 8.24% in January, presenting a snapshot of potential long-term interest.

The collective holdings of these so-called "small to medium" whales now account for 9.44% of the total circulating supply, in contrast to January when they held 8.24%.

The Federal Reserve's decision to keep interest rates unchanged may have slowed down the pace of capital flowing into crypto markets.

The move by Ondo Finance to launch its tokenized U.S. Treasury fund on the XRP Ledger is expected to provide 24/7 access to U.S. government-backed assets through the blockchain. The fund, named Ondo Short-Term U.S. Government Treasuries (OUSG), is expected to launch within six months and will use Ripple's RLUSD stablecoin for minting and redemption.

The initiative highlights the expanding institutional footprint on the XRP Ledger as institutions prefer operating within existing regulatory frameworks while seeking out new avenues for liquidity and investment opportunities.

Meanwhile, Ripple confirmed that it will no longer publish its quarterly market reports. The company stated that these reports have been misused during legal proceedings, leading to the decision to discontinue them.

The reports, which began in 2015, were intended to provide insights into Ripple's activities and the broader market trends. However, during the ongoing lawsuit with the U.S. Securities and Exchange Commission, snippets of these reports were used in court to portray Ripple in a negative light, according to the company.

This move marks the end of an eight-year tradition that Ripple had followed to promote transparency and engage with the community.

The lack of new momentum could cause technical traders to exit their bullish positions if price drops below $2.10. Primary support is seen between $1.60 and $1.80, while secondary support is at $1.85 and $2.00.

On the other hand, traders are eyeing the $2.40 level as an immediate resistance, followed by a major resistance zone between $2.90 and $3.00. A rounded top is also visible on the chart near $3.80, suggesting a period of price distribution.

As the 50-day Simple Moving Average (SMA) trends downward and approaches the 200-day SMA, a potential “death cross” could occur if they converge and intersect. This bearish pattern could exert further downside pressure on the price.