Whales Move 76 Million XRP to Unidentified Wallets

Some significant transactions carrying large amounts of XRP coins, up to the tune of 76 million, have been recently reported. These transactions have grabbed the attention of crypto community members as they come amid a small uptick in the price of the asset.

Whale Alert has reported two separate transactions involving large amounts of XRP coins, specifically 76 million XRP, being moved to unidentified wallets within the past 24 hours.

According to the crypto large transaction tracker, the first transaction occurred roughly 7 hours ago and involved the transfer of exactly 50,756,791 XRP (valued at $26.2 million at the time of the transaction) from Binance, the world's largest cryptocurrency exchange by trade volume, to a wallet labeled ‘unknown.’

The second transfer, which occurred a few hours after the first, saw the movement of 26,262,724 XRP (worth $13.5 million) from the same exchange to another anonymous wallet. Cumulatively, both transactions equal 77.01 million XRP, valued at approximately $40 million.

These large XRP transfers have sparked discussions among market participants, particularly regarding the future outlook of the project. While some investors remain optimistic, hoping for an eventual price surge to the $1 mark, others have expressed skepticism about the likelihood of this occurring.

notably, prior to the reported transactions, the renowned whale with the wallet address ‘r4wf7…4Rzn’ shifted 29,600,000 XRP to the Luxembourg-based centralized exchange, Bitstamp, among a series of transfers initiated in the past months.

The price of XRP has seen marginal growth over the last day. According to data from CoinMarketCap, XRP has spiked by 0.95% to trade at $0.519. Additionally, its trading volume in the last 24 hours has also surged by 68% to $1.01 billion, with a live market cap of $28.7 billion. XRP has traded between the lows and highs of $0.5078 and $0.5219 in the last 24 hours.

On the technical front, XRP's Relative Strength Index (RSI) is at 48.65. For context, RSI is a momentum oscillator that gauges the velocities and variations in price movements. When the RSI falls below 50, it usually indicates that the market is losing steam and may continue to decline.