XRP News: Over 400 Million XRP Transferred, Whale Activity Sparks Bullish Sentiment

Recently, over 400 million XRP tokens were moved across several consecutive transactions, stirring excitement within the crypto community.

The transactions, identified by blockchain monitoring service Whale Alert, highlighted five significant transfers.

Notably, four of these transfers occurred consecutively between two anonymous wallets, totalling 388,852,249 XRP, valued at approximately $224.2 million at the time.

Three of the transfers contained 95,000,000 XRP each, worth $55.52 million, while the fourth transferred 98,852,249 XRP, worth $57.77 million.

🚨Over 400 Million XRP Just Moved… Mysteriously.

Four consecutive transfers, totaling over 400 million #XRP, have been spotted on the blockchain.

🔗https://t.co/J0itZbbzuo pic.twitter.com/3ziBaEPnxk

— Ledger Man 🎩 (@strivex_) September 26, 2024

The addresses involved in the transfers ended in -1h7Bn and -zSoQbF, signalling potential internal transactions by a platform or a large cryptocurrency whale reorganizing their holdings.

The fifth transfer, involving 17,230,000 XRP, was sent from an anonymous wallet to Bitstamp, a major European exchange.

Unlike the previous transfers, this XRP chunk was linked to Ripple, potentially as part of the Ripple Payments project, which focuses on facilitating cross-border transactions.

Ripple’s International Money Transfer Project Drives Speculation

The crypto community responded with optimism to the recent XRP transfers, particularly the involvement of Ripple’s payments project.

Ripple has been collaborating with international financial institutions to revolutionize cross-border payments, using XRP as a liquidity bridge.

This recent activity on the blockchain has led many to speculate about potential partnerships or system upgrades that could be underway.

RIPPLE PRESIDENT SHARES INSIGHTS ON SEC VICTORY, RLUSD, AND XRP LEDGER PLANS

Ripple President Monica Long recently discussed the end of the SEC lawsuit, declaring it a win for the entire crypto sector as the court ruled XRP is not a security.

With the lawsuit behind them,… pic.twitter.com/hz1k2JFUok

— Crypto Town Hall (@Crypto_TownHall) September 26, 2024

Ripple’s longstanding relationships with central banks, particularly in emerging markets, have further fueled expectations of XRP’s growing role in global finance.

The transactions have also sparked discussions about whether these large transfers were part of an institutional move to accumulate XRP in anticipation of regulatory clarity or upcoming partnerships.

Daily Technical Outlook: XRP/USD – September 26, 2024

XRP/USD is currently trading at $0.58980, up 0.50%, as the cryptocurrency consolidates within a descending triangle pattern.

This pattern has been acting as a resistance barrier around the $0.5935 level, a key technical point to watch for traders. A breakout above this level could push XRP toward immediate resistance levels at $0.6032 and $0.6130.

On the downside, immediate support is located at $0.5760, with additional safety nets at $0.5682 and $0.5598. These levels represent potential buying opportunities for traders, as the price remains supported despite ongoing fluctuations.

The 50-day Exponential Moving Average (EMA) is currently hovering near $0.58719, signalling a bullish crossover. This suggests increased buying interest if XRP can maintain its position above the 50 EMA.

The 200-day EMA, positioned lower at $0.5760, provides additional support and serves as a key indicator for the long-term trend.

Technical Indicators Suggest Growing Bullish Momentum

The Relative Strength Index (RSI) is currently sitting at 55, indicating neutral momentum but tilting slightly bullish as it trends higher.

A rise above 60 on the RSI would confirm stronger buying momentum, potentially signalling the start of an upward rally.

If XRP manages to break through the $0.5935 resistance, it could pave the way for a bullish reversal, targeting the next resistance at $0.6032. However, if XRP falls below the $0.5760 support level, traders could see a deeper pullback toward $0.5682 or $0.5598.

The MACD (moving average convergence divergence) is another key indicator to watch, showing a widening gap between the signal line and the MACD line, further supporting the possibility of a breakout. As long as XRP holds above key support levels, bullish sentiment is expected to dominate in the near term.

Conclusion

XRP remains in the spotlight as significant whale activity fuels speculation about upcoming developments within the Ripple ecosystem.

The large transfers and connection to Ripple’s payment initiatives highlight growing institutional interest, while technical analysis suggests XRP could be primed for a breakout.

Traders should closely monitor the $0.5935 resistance and $0.5760 support levels for potential trading opportunities.

Key Insights:

• Immediate Resistance: $0.5935; potential breakout could target $0.6032 and $0.6130.
• Immediate Support: $0.5760; failure to hold could lead to $0.5682 and $0.5598.
• 50 EMA Crossover: Signals a potential buying trend, while RSI shows growing bullish momentum.

With whale movements and positive market sentiment, XRP is positioned as a focal point in the cryptocurrency market. Keep an eye on key technical levels as the coin navigates this critical juncture.