Among the latest developments in the XRP ecosystem is an enormous transaction bringing in a new ‘whale’ worth 104 million XRP. According to on-chain data, a single, significant transfer of Ripple worth around $56 million. According to the blockchainl Whale Alert, 104,035,551 Ripple was moved from one unidentified wallet to another newly set one.
Unsurprisingly, the strange entry of a whale into the Ripple market has generated eyebrows, as it’s unclear who exactly made the sending and receiving wallet transactions. According to a whale alert, Whale Alert, 104,948,961 XRP (worth $52,305,486) has been transferred from unknown wallet to unknown new wallet.
XRP Whale Emerges with Massive 104 Million Token Transfer
This is a big deal at a crucial time for Ripple’s crypto, XRP, which just had some turbulence in the marketplace and has gone through some strategic pivots in DeFi. Ripple recently published its Q3 2024 Markets Report where it outlined growth within the Ripple ecosystem.
This report comes two weeks after the launch of a key amendment to the XRPL, which adds real-time data to XRPL’s native oracles to power crypto DeFi services like automated market making (AMM) and lending protocols. With this upgrade, we are taking another giant leap toward decentralized finance (DeFi) as an institution and further positioning XRPL to be a leader in DeFi.
Regarding Ripple’s market performance, Ripple has been trading in a range of $0.487 to $0.566 since early October, suggesting price consolidation. Ripple is currently trading at $0.509, after a small recovery from low of last two days. If the price continues to stay below its $0.53 level, a key resistance level, and fails to fall below $0.46 support, then selling pressure could be seeping.
However, if buyers manage to cross the 50 and 200 day moving averages set at $0.536 and $0.55, respectively, Ripple could head toward an upper target of $0.64. But if the price drops below current support, then the next major support level is currently forecast to come at around $0.432, a level hit in early August.
As any other whale’s entry and the steps Ripple has been taking to cement Ripple’s DeFi functionality on XRPL, market watchers will be watching to see what price Ripple and further on chain activity with this newly surfaced whale will do.
