As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of whales and market movements. The recent appearance of a new XRP whale holding 104 million XRP, worth approximately $56 million, is indeed intriguing.
Based on blockchain information, an enormous transfer of 104 million XRP has spawned a fresh XRP “whale,” a term used for individuals who possess substantial amounts of that particular cryptocurrency.
In my analysis, I’ve noticed that a significant amount of XRP, around 104 million units worth roughly $56 million, was swiftly moved in a single transaction, which the whale subsequently surfaced with.
According to the blockchain monitor Whale Alert, there was a transaction where 104,035,551 units of XRP were moved from an unidentified wallet into a recently established one.
According to WhaleAlert, an amount of 104,948,961 XRP equivalent to approximately $52,305,486 moved from an unidentified wallet to a previously unrecognized wallet.
🚨 🚨 🚨 104,948,961 #XRP (52,305,486 USD) transferred from unknown wallet to unknown new wallet
— Whale Alert (@whale_alert) November 3, 2024
The parties involved in the transaction – the sender and receiver – are a mystery, making it more captivating. This unidentified “whale” has entered the Ripple market at a crucial moment, impacting not only Ripple but also the larger XRP community. In its Q3, 2024 report, Ripple shared details about the expansion of the XRP ecosystem and the overall crypto market.
With the latest version of the XRP Ledger, the XRPL oracle pricing adjustment is now active. This enables native oracles on XRPL to deliver real-time data crucial for various DeFi aspects such as Automated Market Makers (AMM) and lending platforms. This development signifies a significant stride in the evolution of institutional-grade DeFi solutions.
XRP price action
Since October’s start, XRP’s trading activity has been contained within a wide band between approximately $0.487 and $0.566, suggesting a period of accumulation or stabilization.
Currently, as I’m typing this, XRP is experiencing a 0.2% decrease over the past 24 hours, with its value at approximately $0.509. After facing two consecutive daily drops, it managed to reach intraday peaks of $0.509.
Despite a modest uptick, XRP currently hovers slightly above $0.53. However, it’s encouraging to note that despite attempts by bears, they haven’t been able to push the price down to the $0.46 support level, indicating a decrease in selling activity at lower prices.
Attempts will be made by buyers to drive the price beyond their moving averages. A clear indication of the bulls’ power could occur if there is a breakout and closing above both the 50 and 200 daily moving averages, which are currently at $0.536 and $0.55 respectively. This suggests an initial upswing toward the potential resistance level of $0.64, which might prove tough for the bulls to surmount.
On the negative side, potential support levels are expected at roughly $0.487 and $0.491. Sharp drops could potentially reach a low as early as August around $0.432.
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2024-11-04 14:25