Crypto Whale Transfers 50 Million XRP to Personal Wallet
2024-12-23
Bittime - A crypto whale recently moved 50 million XRP to private wallets, signaling increased institutional interest and potential growth in the price of XRP.
XRP Maintains Support Level at IDR 32,400
XRP recently managed to maintain the support level at IDR 32,400, thanks to significant activity from whales.
Striking Whale Activity
According to a report from Whale Alert, as many as 90 million XRP tokens, equivalent to around IDR 324.6 billion (around $202.5 million), were moved to unidentified wallets in one day.
XRP Large Transaction Details
This transaction consists of two large transfers. The first was 50 million XRP, worth IDR 810 million (around $112,500), sent to a new address. The second transfer involved 40 million XRP, worth IDR 648 million (around $90 million), which was also moved to another new wallet.
50,000,000 #XRP (Rp. 810,000,000 / $111,697,462) moved from #Ripple to unknown wallet.
— Whale Alert (@whale_alert) 21 Desember 2024
Speculation Behind XRP Transfers
The wallets receiving these transfers are not connected to major cryptocurrency exchanges, leading to speculation that institutional investors or wealthy individuals may be building long-term positions in XRP.
Ripple Market Performance and Interest from Institutions
Ripple's Incredible Growth
This whale activity is in line with Ripple's extraordinary growth, which has quadrupled since November 5. Currently, XRP is trading at IDR 36,600 (around $2.25), experiencing an increase of 0.35% in the last 24 hours.
XRP As a Standout Asset
In the current market context, XRP is one of the assets that stands out, with an annual increase of 266%.
Market Analysis and XRP Accumulation Plan
Indication of Accumulation Plan
Market analysts observe that transfers to unknown wallets often indicate accumulation plans. This movement usually indicates a move to cold wallets, indicating lower selling pressure, which is positive for price movement.
XRP Support from Famous Figures
Scott Melker, a hedge fund manager, noted that the continued buying was supported by reports that former US President Donald Trump was acquiring XRP and HBAR tokens.
Read too Ripple (XRP) Price $2, Is It Overvalued or Still Cheap?
Ripple's Strategic Steps Amid Market Volatility
Ripple's Continued Innovation with RLUSD
Ripple is also known for its constant innovation. On December 17, the company launched Ripple USD (RLUSD), a fully backed US dollar stablecoin designed for enterprise use on the XRP Ledger.
XRP Performance and Technical Indicators
The Strength of XRP Performance
XRP's performance remains strong, although other technical indicators suggest an uncertain outlook.
Potential Bullish Divergence
Awesome Oscillator indicates a potential bullish divergence, but further accumulation is needed to increase momentum.
Read too Potential of Ripple (XRP) Technology in Various Industrial Sectors
XRP Support and Resistance Levels
Key Support
Key support is IDR 32,400 (around $2.20), while possible resistance levels are IDR 58,800 (around $3.62) and IDR 72,600 (around $4.30).
XRP Price Movement Prediction
If the price manages to break through that level, it will likely rise towards IDR 92,700 (around $5.73), but if it falls below support, it could trigger panic selling.
Read too Latest Price (XRP) to IDR
FAQ
1. What is XRP?
XRP is a cryptocurrency developed by Ripple Labs, designed to facilitate fast and cheap transactions worldwide.
2. Why are crypto whales moving XRP?
Whales often move XRP for long-term accumulation, reducing selling pressure, or to take advantage of investment opportunities.
3. What impact will large transfers of XRP have on the price?
Large transfers can influence the price of XRP, often signaling accumulation that can push the price up if followed by strong demand.
4. How to buy XRP?
XRP can be purchased on various cryptocurrency exchanges such as Bittime using fiat currency or other cryptocurrencies.
5. What is meant by cold wallet?
Cold wallets are cryptocurrency stores that are not connected to the internet, providing higher security against theft and hacking.
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Reference
Whale Alert, XRP Transaction Details, Accessed December 23, 2024
Crypto News Land, Ripple XRP Whale Transfers Spark Investor Interest as Prices Surge, Accessed December 23, 2024
Author: IN
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