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A staggering 150,000,000 XRP worth $380,084,007 was transferred between unknown wallets at once, triggering curiosity about its underlying intent.
According to blockchain data tracker Whale Alert, "150,000,000 XRP worth $380,084,007 was transferred from unknown wallet to unknown wallet."
With both the sender and receiver remaining unidentified, market watchers are left to ponder what the recent activity implies. Although the exact reason for the transfer remains unknown, the transaction might be an OTC (over-the-counter) transfer that occurs outside of a crypto exchange; it is also likely that it might be funds reshuffling by a whale, or large holder.
XRP whale activity has intensified recently. According to Ali, a crypto analyst, whale activity on the XRP network has steadily risen over the past three weeks. This week, some major transactions have occurred, with millions of XRP transferred.
Gamza KhanzadaevOn March 6, 60,000,000 XRP were transferred between unknown wallets, totaling $155,995,233.
A separate transaction reported by Whale Alert on March 6 saw the transfer of 30,000,000 XRP worth $77,558,143 from Bybit to an unknown wallet. On March 5, 95,254,697 XRP totaling $235,584,856 were transferred from OKX to an unknown wallet.
XRP price action
XRP fell 6.92% in the last 24 hours to $2.33, down 20% from a high of $3.02 set on Sunday following the initial crypto reserve announcement. The much-anticipated Crypto Summit on Friday ended with a whimper rather than a bang for cryptocurrency speculators, as XRP has dropped since then.
Tomiwabold OlajideThe summit was billed as a watershed event following an earlier pledge to establish a U.S. crypto strategic reserve with BTC, ETH, XRP, SOL and ADA. However, Crypto Czar David Sacks's clarification on Friday that the mention of the five cryptocurrencies was only illustrative and not a real commitment dashed hopes of extended rallies.
In the event of a rebound, XRP would seek to reclaim the daily SMA 50 at $2.667 again and aim for the $3 mark. If the drop continues, XRP might retest support near $2.
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Vladislav Sopov
Dan Burgin