100 Million XRP, Large Movement from Anonymous Wallet...Market on High Alert as Whale Volume Surges for the First Time in 8 Years

▲ XRP/AI-generated image

Market attention was drawn to a large-scale XRP transfer worth $103,180,353. Blockchain data tracking service Whale Alert reported that 73,179,900 XRP moved from an anonymous wallet to another anonymous wallet within the last 24 hours. As this transfer was not confirmed as an inflow to a specific exchange or a selling event, it fueled interest in the possibility of a large holder's wallet redistribution and changes in market supply and demand.

U.Today reported on May 21 (local time) that a $100 million XRP movement garnered attention in the cryptocurrency market. According to transaction details released by Whale Alert, 73,179,900 XRP was valued at $103,180,353, and both the sending and receiving wallets were marked as anonymous. While a large transfer alone cannot determine the price direction, it coincided with an increase in activity among XRP whale holders, leading to diverse market interpretations.

This large transfer occurred amidst an ongoing accumulation trend in XRP whale wallets. Santiment reported that as of mid-May, wallets holding at least 10 million XRP collectively held 45.83 billion XRP. This is the largest amount since May 2018, when the value was approximately $68.5 billion. U.Today stated that this volume accounts for more than 68% of the total supply.

XRP-related indicators also stood out in the derivatives market. CME Group announced that on the first anniversary of its XRP futures launch, it recorded a cumulative trading volume of 1.32 million contracts and a notional trading value of $62.87 billion. This volume corresponds to 28.6 billion XRP. U.Today explained that CME Group's XRP and Micro XRP futures contracts have provided a means of XRP price exposure and have gained interest since their launch.

However, the price trend has not yet entered a clear reversal phase. XRP declined for five consecutive trading days, falling below its 50-day moving average of $1.394, but the fact that it remains above $1.30 was presented as a positive factor. If it recovers the 50-day moving average, XRP could aim for a rebound to the $1.61 level, where it might face resistance.

U.Today analyzed that if XRP maintains above $1.61, a trend reversal could open up. In this scenario, XRP could attempt to rise to $2, and then to $2.40. Conversely, if the downtrend continues, selling pressure will strengthen market dominance, increasing the likelihood of breaking the $1.27 support level. If this level breaks, XRP could fall to $1.11.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*