In a striking move that has captured the attention of the cryptocurrency community, a single whale has acquired a massive 262 million XRP.
This substantial move comes at a time when market analysts are closely watching for a potential price reversal on XRP, the seventh-largest cryptocurrency by market capitalization.
According to crypto data tracker Whale Alert, “262,575,885 XRP worth $137,276,075 was transferred from Kraken to an unknown wallet.”
The destination wallet remains unknown, which adds a layer of intrigue to the transfer. There are various reasons why tokens are moved away from exchanges. This might imply buying activity. Withdrawals from exchanges indicate an intention to buy, whereas deposits may indicate a desire to sell.
The move might also imply a shift to cold storage solutions, to hold for a longer period rather than sell. Whatever the case may be, such a large-scale transfer might indicate confidence in the future performance of XRP, suggesting that the whale anticipates a favorable market shift.
The time of writing, XRP was down 0.3% in the last 24 hours to $0.519.
The move might also imply a shift to cold storage solutions, to hold for a longer period rather than sell. Whatever the case may be, such a large-scale transfer might indicate confidence in the future performance of XRP, suggesting that the whale anticipates a favorable market shift.
If the XRP price recovers from the daily SMA 50 with vigor, the bulls will make another attempt to push the pair above $0.57.
If they succeed, the ascending triangle pattern that signals a potential price reversal may be completed. However, a break and close below the daily SMA 50 may render the triangle pattern invalid.
