A most intriguing event has transpired within the realm of cryptocurrency, dear reader. In recent hours, a staggering sum of 20,000,000 XRP (worth $51,849,820) has been transferred from the esteemed Gemini exchange to an unknown wallet, as reported by the ever-vigilant Whale Alert.
🐳 🐳 🐳 20,000,000 #XRP (51,849,820 USD) transferred from #Gemini to unknown wallet
— Whale Alert (@whale_alert) February 22, 2025
The reason for this grand transfer remains shrouded in mystery, but fear not, for we have a few theories to share. Large withdrawals from exchanges often indicate the accumulation of wealth by the illustrious whales, thereby reducing the selling pressure upon the market. Moving XRP to a private wallet may suggest a long-term holding strategy rather than an immediate liquidation, which could be seen as a potential bullish signal.
Sometimes, such large transactions hint at institutional players making strategic moves or simply reshuffling their funds. As for XRP, the third largest cryptocurrency by market valuation, it has been trading flat between $2.30 and $2.83 recently, despite the excitement surrounding the Coinbase SEC case dismissal announcement and the U.S. Securities and Exchange Commission acknowledging a slew of XRP ETF filings.
Despite this, the number of whale and shark wallets continues to increase, according to Santiment. There are 261 more wallets holding 100,000 XRP than there were 10 weeks ago, indicating a solid level of confidence from key stakeholders.
XRP Price Action: A Tale of Two Lines
XRP has barely moved in the last 24 hours, with its price oscillating within a narrow range since the drop to lows of $2.50 on Feb. 21. At the time of writing, XRP was up a mere 0.10% in the last 24 hours to $2.57, below the daily moving average of 50 at $2.72.
XRP has been consolidating sideways since Feb. 3, with the general trend leaning bullish. However, XRP/USD remains in a state of limbo until the price breaks above $2.83 or falls below $2.30. The flat RSI slightly below the midpoint suggests that XRP may continue within the symmetrical triangle for some time. The next trending move is expected to begin with a break above or below the triangle.
According to crypto analyst Ali, a breakout from the triangle could put XRP on course for a 14% price move. XRP might reach $3.40, while a drop below the support line could lower the price to $1.90.
Currently, liquidity remains at both demand and supply levels for XRP, implying that a break of these levels might most likely determine XRP’s ultimate direction. With the SEC’s acknowledgment of more XRP ETF applications, the altcoin’s prospects for growth in 2025 are rising. 📈
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2025-02-23 15:37