A whale address moves a substantial amount of XRP today, coinciding with a 2% drop in prices amid the ongoing market uncertainty.
XRP, the XRP Ledger’s native token, tanked 2% as a whale moved 105 million tokens today. On-chain data shows that the transaction, which moved $58 million worth of XRP at 9:05 UTC represents the largest transfer unrelated to Ripple, in over a week.
Per the data, the sending address rsuRD…BWhA made two notable transactions this morning. The unidentified whale initially moved 2.5 million XRP ($1.3 million) to address rDrt…yS5W. The 2.5 million XRP was probably channeled to exchanges, as the receiving wallet seemed to be a selling wallet.
Whale Reshuffles 105M XRP
The 105 million XRP transfer occurred shortly after, with Bithomp data showing the assets moved to a newly created address. Notably, wallet rsuRD… BWhA transferred 105 million to address rPQu…mA8F a minute after the initial transaction. The recipient address still held the funds at the time of writing.
The whale wallet shuffle came a few hours after an unknown address moved 20 million XRP to Bitso. Bithomp showed that the selling wallet r4wf…4Rzn received 20.6 million from whale address rhWt…32hk and sold all of them.
XRP Reaches Crucial Level
Meanwhile, XRP may be forming a major bearish pattern as the 50-day moving average (MA) converges with the 200-day moving average in the 1-day timeframe. This indicator points to the formation of a death cross pattern, which may push XRP lower.
If XRP continues a downtrend at this level, the two MAs would likely cross, possibly causing a sharp decline in XRP price. At the time of writing, XRP traded at $0.552 with a market cap of $31 billion.