In the latest development within the Ripple community, a whale moved $273 million worth of XRP, contributing to increased activity. If XRP continues to face rejection at the $2.17 mark, its price could drop to $1.90 due to the whale activity and unfavorable technical indicators.
Whale Transfers 131 Million XRP In A Single Transaction
A Ripple whale has created a buzz in the ecosystem following a hefty transfer of XRP between wallets, leaving investors scanning the horizon. According to data from Whale Alerts, the Ripple whale moved 131,000,000 XRP between two wallets in a single transaction.
The market value of the moved XRP stands at a staggering $273 million, stoking speculation for an incoming dump. Per the announcement, the wallets involved in the transfers are unknown as investors scan the horizons for clues about the heightened whale activity.
“131,000,000 XRP (273,945,648 USD) transferred from unknown wallet to unknown wallet,” read the Whale Alert post on X.
There is increased chatter that the wallets may belong to an exchange but details remain under wraps. In this scenario, the transfers are a primer for a massive sale that will adversely affect the XRP price. Typically, whale activity piques the interest of retail traders, stoking panic that leads to sell-offs even without the whale selling their XRP holdings.
Conversely, the whale activity may be an over-the-counter (OTC) transaction without any immediate impact on XRP price. However, investors have their eyes peeled on a chain reaction from other Ripple whales following the latest XRP transfers. A cascading effect is forming after a Ripple whale transferred $63 million in a single transaction barely 12 hours ago.
XRP Price Faces Stern Test At Resistance Level
Amid the rising whale activity in the ecosystem, XRP price faces an uphill climb in the push for higher figures. XRP price has previously attempted to breach the $2.17 mark but a streak of rejections have soured traders sentiments.
Cryptocurrency analyst CasiTrades notes that while $2.17 continues to operate as a ceiling, the XRP price will fall to a new support level. XRP is trading at $2.06 amid speculation that the XRP price has bottomed despite the rejection at the $2.17 level.
According to CasiTrades, XRP price is headed toward $1.90 but a steeper decline to $1.55 remains a grim possibility. CasiTrades predicts that prices will not remain stagnant at the new support levels, noting that the level will be “quickly bought up.”
“But if this rejection continues to play out, support at $1.90 and $1.555 remains firmly in play.
Over the last week, XRP price has gained 15% but whale activity has seen it lose 4% over 24 hours. The XRP ETF buzz and a potential SWIFT integration with Ripple could send XRP price beyond $3.
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