Whales Shuffle 444M+ Tokens as XRP Battles for $0.40 Spot

Whales Shuffle 444M+ Tokens as XRP Battles for $0.40 Spot

Time Stamp: February 8, 2023 3:02 AM
Source Node: 1945438
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These 444M+ tokens were moved in just four transactions, with the single largest transaction accounting for 252M+ tokens.

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XRP whale activity is showing little signs of slowing down, as the community just witnessed another slew of intraday whale movements which shuffled a total of 444M+ tokens among unknown wallets and wallets from Bitso and Bitstamp. This batch of whale transactions has occurred at a time when XRP is battling to retain a comfortable position above the $0.40 zone.

Whale Transactions

The latest of the recent stack of whale movements was an internal fund flow between two Bitso wallets which involved the shuffling of 32.2M XRP ($13.1M) yesterday at 23:30 (UTC). Both addresses show an official affiliation with Bitso.

Three minutes before this transaction, an unidentified wallet transferred 35M XRP ($14M) to Bitstamp. The balance on the sending address now currently sits at 1M XRP. The address has been offloading its assets to Independent Reserve, Bitso, and Bitstamp addressed in a series of transactions involving millions.

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The single largest transaction among these recent whale movements occurred yesterday at 16:45 (UTC). The transaction saw two unknown whale addresses shuffle a whopping 252M XRP tokens valued at $99.9M. Both addresses are relatively new, with the sending address activated on January 30 and the recipient address activated just yesterday.

Meanwhile, the earliest transaction saw two unidentified wallets move 125M XRP worth $49.6M yesterday at 15:28 (UTC). While the sending address was activated in 2021, the recipient address is fairly new, with an activation date of January 31. 

These four recent whale transactions were carried out barely two days after Binance and other whales shuffled over 507M tokens in 24 hours, as earlier reported. The transactions then occurred when XRP retested the $0.42 price territory and was faced with fierce opposition.

XRP Price Action

Following the strong resistance at the $0.42 zone, XRP is currently battling to solidify its position above $0.40 as this would give it enough support to retest the $0.41 price point once more. After the crash from $0.41 on February 5, the asset has been trading sideways between $0.39 and $0.40 in the absence of unique support from the Ripple v SEC case.

XRP is currently trading for $0.4017 at the time of reporting, up 1.62% in the past 24 hours. Prominent analyst Egrag Crypto previously highlighted a falling wedge pattern formed by XRP, asserting that once the asset starts registering a trend reversal, it could shoot up to $1.4 before facing any major opposition.

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