XRP Whales Shift 127 Million Coins in One Day Amid SEC ‘Victory’

While the blockchain giant Ripple Labs is still celebrating its ‘victory‘ over the Securities and Exchange Commission (SEC) from the recent court ruling by Judge Torres, large investors, commonly known as whales, are making big moves in the market. In the last 24 hours, over 127 million XRP coins were moved to centralized exchanges and external wallets by these entities.

These movements have caught the attention of crypto participants who constantly speculate about the body behind them and the potential effect they might have on the future price trajectory of the coin. Remember that XRP surged impressively by 25% shortly after the ruling was made on August 7. Let us look at the transactions in detail below.

XRP Whale Transactions: Dump or Pump?

According to recent reports by Whale Alert, a popular large transaction tracker, more than 127 million XRP changed hands over the last day. Interestingly, this amount of coins was moved in two separate transfers. Per Whale Alert data, the first transaction carried a substantial 100,556,526 XRP (worth $57.7 million) from an anonymous wallet to another external wallet tagged ‘unknown.’

🚨 🚨 🚨 100,556,526 #XRP (57,755,236 USD) transferred from unknown wallet to unknown new wallethttps://t.co/4ZBSFK3kUE

— Whale Alert (@whale_alert) August 12, 2024

Following this transfer, the XRP community reacted, some say it is an accumulation strategy by the whale as it has been cited moving similar amounts in the past few days, while others speculate that it is Ripple moving money for the SEC $125 million civil settlement.

A few hours later, another transaction was recorded, this time, moving exactly 27,050,000 XRP (worth $15,403,350) from an unknown wallet to the Luxembourg-based crypto exchange, Bitstamp. However, upon further check, it was revealed that the entity behind this transfer was the prominent ‘r4wf…4Rzn’ wallet. This wallet address has created conjecture among observers as it has dumped hundreds of millions of XRP to Bitstamp and Bitso exchanges since this year.

XRP Price Reaction and Analysis

Despite these heavy transactions, the price of XRP has maintained its position above $0.567. According to CoinMarketCap data, XRP gained a marginal 0.47% at the time of writing to trade at $0.5672. Notably, its one-day trading volume has spiked by 5% to $1.3 billion signifying increasing activities from investors and traders,

Expert technical analysis suggests that XRP is currently at a critical support level. Additionally, its 4-hour and daily time frames are on the 200 Exponential Moving Average (EMA). Meanwhile, the 4-hour time frame also shows that it has fallen continuously in the last four trading days in a lower high and lower low pattern.

The analysis also suggests that it is possible that the XRP price could decline by 8% to the $0.52 mark in the coming days and create a new lower low. Conversely, XRP could experience an uptrend if it can close a candle above the $0.58 zone.