200 Million XRP out into Unknown as Bulls Defend XRP Price

As a seasoned crypto investor with battle-tested nerves and a portfolio that mirrors the ups and downs of a rollercoaster ride, I can’t help but find myself intrigued by these mysterious XRP transactions. The cat-and-mouse game between whales and retail investors has always been a captivating aspect of this wild west we call the crypto market.


Approximately 200 million XRP worth around $110.12 million have been transferred in the past 10 hours, according to Whale Alert. These transactions occurred in two separate instances. Initially, 100 million XRP, valued at approximately $53.66 million, moved from the wallet “rP4X2” to “rhWt2.” Ten hours later, an additional 94.33 million XRP, worth roughly $53.66 million, were transferred from “rn8om” to “rnTxM.”

What’s the shared characteristic of these various addresses? They are all linked to unidentified parties. However, it’s unclear if there’s any connection between the owners due to the distinct registration dates associated with each address.

🚨 🚨 🚨 94,325,384 #XRP (53,656,730 USD) transferred from unknown wallet to unknown new wallet— Whale Alert (@whale_alert) August 28, 2024

Remarkably, the trade occurred during a tempest on the cryptocurrency exchange, causing significant setbacks for optimistic investors as more than $150 million was liquidated within just a few hours.

Speaking of XRP, the seventh largest cryptocurrency also saw a 3.34% drop in quotes. 

200 Million XRP out into Unknown as Bulls Defend XRP Price

However, there’s a silver lining as the price found a crucial support level due to this drop at $0.56. This is not a new pivotal price level for XRP and has proven its importance many times before. The blessing in disguise is that despite the overall negative sentiment and falling price, the bulls decided to buy XRP at this level. 

Currently, the XRP price appears to be preserving its bullish tendency by maintaining itself above $0.56. On a day-to-day perspective, we should keep an eye on potential price movements towards $0.65 and $0.75.

On the other hand, things can change quickly if more selling comes in and major support is lost.

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2024-08-28 14:07