XRP Whales Have Moved 370 Million XRP Coins

The latest news on XRP Ripple's whale investors have moved XRP worth a total of $782 million, which caught the market's attention.

The latest news on XRP Ripple’s whale investors have moved XRP worth a total of $782 million, which caught the market’s attention.

Two large transactions were recorded, totaling 70 million XRP (worth $148.3 million) and 300 million XRP (worth $633.7 million), which were sent to unknown wallets.

This coincided with the announcement from the US Federal Reserve that interest rates would remain unchanged. Although the prices of a number of crypto assets experienced a small decline, the price of XRP is still holding above its main support level.

Whale Ripple Moves 370 Million XRP Coins

According to the report by Blockchain tracking platform Whale Alert, as many as 370 million XRP tokens have been moved through two large transactions by Ripple’s whale investors.

The first transaction involved moving 70 million XRP from one anonymous wallet to another.

🚨 🚨 70,000,000 #XRP (148,344,877 USD) transferred from unknown wallet to unknown wallethttps://t.co/gdX2IDZxaC

— Whale Alert (@whale_alert) August 2, 2023

Shortly after, a second transaction took place with the transfer of 300 million XRP directly from Ripple to a similarly unidentified wallet.

These two transactions occurred within the span of an hour and sparked speculation about a possible internal reorganization or strategic move.

At the time of the transaction, the XRP price was recorded slightly above the $2.10 level and remained stable despite the general crypto market weakness after the interest rate announcement by the Federal Reserve.

According to data from Santiment, the number of XRP holdings by whales holding between 1 million and 10 million XRP increased to 9.44% of the total supply, up from 8.24% in January. This indicates long-term interest from these large investors.

Fed holds interest rate, crypto market gives mixed response

The Federal Reserve decided to maintain its benchmark interest rate, aligning with market expectations.

Fed Chairman, Jerome Powell, expressed that current economic conditions are not yet strong enough to support a rate cut. Following this announcement, the crypto market, including XRP, experienced a slight decline.

Crypto investors typically pay attention to interest rate policy as it influences the flow of funds. Lower interest rates encourage the movement of funds into higher-risk assets, such as cryptocurrencies, due to cheaper borrowing costs and reduced attractiveness of traditional savings methods.

Conversely, when interest rates remain unchanged, the potential for new funds to enter the crypto market might slow down.

However, the resilience of the XRP price above $2.10 suggests that Ripple whales and other major holders are likely accumulating positions for the long term, rather than reacting to short-term economic dynamics.

XRP Ledger Progress: Ondo Finance Ready to Launch Tokenized Treasury Funds

The latest development from XRP comes from Ondo Finance Ledger network.

The product, called Ondo Short-Term U.S. Government Treasuries (OUSG), is scheduled to be launched within the next six months.

The fund will use Ripple’s RLUSD stablecoin for token minting and redemption. The initiative aims to provide 24-hour non-stop access to US government assets powered by blockchain, reflecting a step forward towards institutional-grade services on the XRP Ledger.

On the other hand, Ripple also confirmed that it will stop publishing quarterly market reports. This decision was taken because the reports were deemed to have been misused in legal proceedings, especially during the case with the SEC.

This termination also ends Ripple’s eight-year tradition of promoting transparency through regular market reports.

XRP Price Technical Outlook amid Ripple’s Whale Movement

The current XRP price is still holding above the $2.10 support level. Although the market movement is relatively slow, this level is an important foothold for potential price increases.

Technically, the chart shows the primary support zone to be in the range of $1.60 to $1.80, as well as the secondary support zone between $1.85 to $2.00 – these two areas are of major concern to traders.

On the short-term resistance side, important levels are around $2.40, while major resistance is in the range of $2.90 to $3.00. The chart also shows a rounded top pattern around $3.80, signaling a recent distribution phase in XRP.

Some market observers expect prices to test the $1.85-$2.00 area again before experiencing a potential rebound.

Meanwhile, technical indicators are showing mixed signals. The 50-day simple moving average (50-day SMA) is currently moving down and getting closer to the 200-day SMA.

If these two lines cross each other downwards, a