A new unidentified XRP whale address is devouring over 104 million XRP tokens amid the ongoing consolidation phase affecting the market.
Crypto whale tracking service Whale Alert first called drew investors’ attention to the massive transaction in a recent disclosure. On-chain data from leading XRPL explorer Bithomp confirmed that the transaction, which involved exactly 104,400,229 XRP worth $58.2 million, took place yesterday at 16:07 UTC.
While the XRP market often sees similarly significant whale movements thanks to Ripple and other large holders, the recent transaction is particularly significant due to the wallets involved.
Details of the affected addresses
The data shows that both the sender and the recipient are newly activated addresses. While the Send Wallet appeared on August 12, the receiving address was activated at the time of the transaction yesterday. Interestingly, the sending wallet initially received 107.8 million XRP from two different addresses between August 12 and 13.
After holding the tokens for at least three days, this wallet began distributing them. The first distribution step involved a transfer of 3.4 million XRP to an unknown wallet yesterday. One minute later, the address then initiated the transaction for 104 million XRP, essentially emptying its balance.
In the meantime Recipient Wallet continued to hold the tokens at press time. Due to the anonymity of the participating wallets, there is not enough data to determine the purpose of the recent whale movement.
Essentially, the transaction could be an investor accumulating XRP using a new wallet or an internal fund reallocation by an exchange.
If the latter is the case, the exchange in question could be Bitvavo, a European crypto trading platform. This is due to the connections we have established between Bitvavo addresses and some of the wallets involved. The Crypto Basic reported similar Bitvavo transactions with 409 million XRP last October and 425 million XRP in August.
XRP in a consolidation phase
The latest move comes at a time when the broader crypto market is in flux. Notably, prices have continued to consolidate at key levels following the August 8-11 decline. XRP is holding above the $0.56 support level and is currently changing hands at $0.5642 at press time.
The daily Relative Strength Index (RSI) indicates neutral conditions, with the RSI line flashing at 49.86. The RSI is slightly above the signal line (49.23), indicating a slight bullish divergence that could mean a potential upside move after a period of consolidation. However, the overall trend remains uncertain.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial loss.
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